'This is without question going to be a more difficult fight to overcome than previous years,' says former Senate Budget Committee Chairman Kent Conrad, a Democrat from North Dakota
olitical conflicts in Washington often seem to resemble a bad sequel to a movie—the kind that recycles the same plot and stars the same actors. The ongoingBoth political parties have engaged in legislative battles over the debt ceiling since the 1950s, each using it to paint the other as financially irresponsible for supporting a higher limit, only to reach an agreement before markets began to panic. Experts involved in previous debt limit fights expect this one will play out similarly.
What’s different this year, compared to the debt ceiling standoffs decades ago, is the intensified political brinkmanship that has taken over Congress, bringing the nation close to default multiple times in recent years and resulting in the U.S.’ credit rating being downgraded for the first time in 2011. It’s not yet clear whether this year’s standoff will be as worrisome.
The U.S. officially hit the debt ceiling last month, and as a result could face the prospect of default as soon as June if lawmakers and the White House do not strike a deal to raise the federal borrowing limit.
The uncertainty over the path forward for Republicans suggests that McCarthy may need support from some Democrats to pass the debt ceiling increase. But his willingness to seek Democratic votes could also hurt his. “There’s a rhythm to these standoffs,” says Jim Kessler, a former legislative director for Democratic Sen. Chuck Schumer before he became Majority Leader, who is now the executive vice president for policy at the center-left think tank Third Way.
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