Wall Street banks including JPMorgan and Goldman Sachs are warning that Washington is heading for the riskiest debt ceiling confrontation since 2011, when the US lost its risk-free credit rating.
The fight over the debt ceiling could be the most important issue facing the US economy in 2023, according to a JPMorgan note to clients on Friday.
Congress has had many tussles over the lifting of its borrowing limit in recent years and has never defaulted on its debt. But given the particularly fractious state of the legislative body, a deal to stop the world’s biggest economy from defaulting on its debt may be harder to seal this time, said JPMorgan’s chief US economist Michael Feroli.
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