We seldom make predictions involving the political world but as of today (5/25/23) we predict that a compromise will be reached to extend the debt ceiling on the US National debt. The reasons are simple. First, both parties will face severe backlash at the polls next year if we default. And they know it. Second, President Biden has publicly stated that he simply wants to increase the debt ceiling to pay bills for expenses THAT HAVE ALREADY BEEN INCURRED. Paying our debts is what we do–individually and collectively as a nation. To fail to live up to our obligations will focus the blame directly on the obstacle–the GOP. But the biggest reason for the resolution is the super wealthy GOP donors. If the average citizen loses–how much do you think Elon Musk, Harlan Crow, and other big GOP supporters will lose? And the worst part of their loss is that they probably won’t live long enough to restore the loss. A recovering economy benefits the the less-wealthy first. So have no fear, the GOP and President Biden will reach consensus.
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