This U.S. debt ceiling standoff isn’t like before – economic disaster could happen
The Globe and Mail
23-05-19 20:02
The US government is just weeks away from running out of money if the “X-date” when the so-called debt ceiling is not raised arrives. Although the White House is playing down the dangers, it is typically dismissed as posturing to put pressure on Republican congress members. However, current conditions differ considerably from earlier episodes of the debt-ceiling standoff and complacency could cause a dangerous storm. If the June 1 deadline passes and the debt-ceiling has still not been raised, the government will likely be forced to drastically cut spending which may cause a recession with disastrous effects globally.