The prospect for a new debt ceiling standoff is a blast from the past. Anyone who thought this kind of political posturing was put to rest after the last big battle in 2013 will have to think again.
It certainly has the potential to make a big impact. Congress is playing with the fire of U.S. government bonds, the bedrock of the global financial system. If lawmakers put dynamite in that foundation by allowing the U.S. to default on interest payments, it will likely cause an earthquake.
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