The U.S. is expected to hit its debt limit on January 19, 2023, earlier than many expected. However, U.S. Treasury Secretary, Janet Yellen plans to invoke extraordinary measures that should enable the government to continue to meet its obligations for several months until an estimated date of “early June”.
This prompts memories of 2011, where debate over raising the debt ceiling took the U.S. to within two days of default jolting equity markets and contributing to a government debt downgrade. The political stage from then is broadly similar to now, with Republicans controlling the House and a Democratic president.
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