There is a lot of shrugging — as well as early signs of real fear of a catastrophic worst-case scenario.
the ceiling with no strings attached. “One reason Wall Street feels a little bit more calm is that we did go down in 2011,” Jones said. “Or rather, we came back. We survived it. We finally got something done. Many of us are holding that up as a worst-case scenario.”
But if Congress all of a sudden became unwilling or unable to pay, that would be a different story. Remember, debt limits are arbitrary, a way for lawmakers to hold the economy hostage in order to score a victory. If McCarthy continues to hold out against passing an increase that Democrats could agree on, that will destroy the credibility that’s baked into the relatively low interest rate on today’s Treasury bonds.
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