Through wars, recessions, depressions and the pandemic, the US has benefited from Treasury debt being the closest thing in the markets to risk-free. Now that hard-earned reputation may be shoved over the edge of a very tall cliff.
Fights over the government debt ceiling have become routine in Washington throughout the past quarter-century. This one promises to be especially dangerous, partly because of commitments Kevin McCarthy is said to have made to far-right lawmakers seeking deep budget cuts in exchange for their support of his becoming speaker of the House.
