Expect Donald Trump to blame his own party if the Republicans’ debt-ceiling gambit goes wrong.
Updated at 9:20 a.m. ET on February 2, 2023
House Republicans are preparing for a big confrontation with the Biden White House over the debt ceiling—a confrontation that could, if played wrong, collapse the U.S. financial system and drag down the world economy. President Joe Biden has been preparing for this fight since 2011, the last time Republicans tried a similar trick. That year, the doomsday device was switched off seconds before it detonated by an agreement on a sequester that automatically cut spending on defense and domestic programs with little regard to merits. Even so, the S&P rating agency downgraded U.S. debt below triple A for the first time, and the stock markets spasmed. The sequester was ultimately jettisoned by Republicans during the Trump years.