Summers Sees ‘Stupid Posturing’ Before U.S. Debt Limit Raised
- Ex-Treasury chief says U.S. will honor its debs, not default
- Summers says ‘way premature’ to say inflation is receding
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Former U.S. Treasury Secretary Lawrence Summers predicted “a lot of stupid posturing” by American politicians in coming weeks over raising the federal debt limit, before they ultimately agree to do it.
Democrats and Republicans remain at odds with potentially just weeks to go until the debt ceiling is breached. Treasury Secretary Janet Yellen is urging Congress to increase the limit as soon as possible, warning that the Treasury’s extraordinary measures to avoid a breach could run out as soon as October. Republicans are refusing to assist.