bearish
Debt Ceiling Countdown #4: The Chicken Game Catastrophe
368 Views11 Apr 2023 23:06
SUMMARY
- Political commentators are freakishly zen when it comes to the U.S debt ceiling. The consensus view is that Congress *eventually* will come to a solution, "So calm down!"
- While I don’t disagree with the end-result, it is astounding how few are concerned with the likely government crisis that will unfold before a deal is struck.
- We are underestimating the power of the Freedom Caucus and overestimating Biden’s willingness to avoid a government shutdown. The cocktail is putting the U.S. on a path towards debt brinkmanship.
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