It might seem like this year’s debt ceiling politics are unprecedented, but this has happened before — in 2011, under the Obama administration. See potential bias and similarities in coverage from voxdotcom, WBUR and NRO: DebtCeiling
What Happened:
As in 2023, the U.S. hit the debt limit in 2011, prompting negotiations between House Republicans and the Obama administration. Then-Vice President Joe Biden, leading the Democratic negotiators, described the initial talks as trading “bicycles” for “golf clubs.” However, lawmakers later struggled to reach a deal, passing a bill less than 72 hours before the U.S. was set to default. As a consequence, S.& P.
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