While Democrats fight amongst themselves over getting their legislative agenda passed, Senate majority leader Chuck Schumer is locked in his own battle with minority leader Mitch McConnell over raising the country’s debt ceiling.
Democrats need ten Senate Republicans to join them in voting to raise the debt limit to avoid, as the Washington Post put it, “catapulting the country into an economic recession.” The Post also cited the potential for quote, “widespread financial havoc," while the New York Times noted widespread warnings of “global economic calamity”
If all of this sounds familiar, that's because... it is. For years, the media have treated the perennial debt ceiling debate like hurricane season. Is disaster heading to our shores? When will calamity strike? What's the projected damage? Often lost in the coverage is why we have to keep reliving this crisis in the first place.
Zachary Karabell is host of the podcast “What Could Go Right” and president of River Twice Capital. He’s also the author of The Leading Indicators: A Short History of the Numbers That Rule Our World. Brooke spoke to him in 2017 about this very subject.