Preparing to ‘play chicken’ with default: Understanding Republicans’ ‘debt limit terror’ ...Middle East

Here we go again. In the late spring or summer of 2023, the U.S. government will reach the total debt authorized by Congress in December 2021 — and Congress will engage in a debate, full of sound and fury, about raising the federal government’s debt ceiling. This time, however, the result may be different. With a Republican majority in the House of Representatives, and a Speaker beholden to members of the far-right Freedom Caucus — many of whom seem eager to engage in what Larry Summers, President Obama’s Secretary of the Treasury, has called “debt limit terror” — there is a distinct possibility that the United States will default on its obligations, delivering a catastrophic blow t

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