Doomsday Clock for U.S. Debt Ticks, With No Congressional Plan
- Signs of stress in Treasuries set to intensify in coming days
- Democrats, Republicans remain at odds on addressing debt limit
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The U.S. is moving closer to its first-ever default, with neither political party in Washington yet signaling it’s ready to back down from a partisan showdown on the federal debt limit.
Senate Democratic Leader Chuck Schumer plans another vote as early as Monday on a measure passed by the House to suspend the federal government’s legal debt limit until December 2022. But his Republican counterpart, Mitch McConnell, vows to block the attempt, for the third time running.