If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. Our families and our businesses cannot afford that dangerous game again.
President Obama • Warning of possible conflict on the horizon, so soon after the “fiscal cliff” fracas was resolved — you’re not surprised, are you? The debt ceiling fight between the White House and congressional Republicans in 2011 was so acrimonious, and brought the country so close to the brink of default, that Obama is clearly eying this as the next major battle ahead of him. The showdown will likely come in February or March, as the Federal Reserve can employ a bevy of accounting tricks and maneuvers intended hold off hitting the limit until then, but after the political capital expended during last week’s negotiations, we can do little but wait and see how this all ends out. source