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Springtime in Washington D.C. brings out the cherry blossoms and a surge of tourists — along with the recurring game of chicken over the federal debt ceiling. There is a whiff of despair this time with the animosity between Democrats and Republicans threatening to tip the brinkmanship over the edge into a real debt default. Such an outcome — even if only brief — risks pushing up the Treasury’s borrowing costs and jeopardizing the stability of a badly-shaken U.S. banking system.


Bilmes, Linda J. "Why is federal spending so hard to cut? — Recurring debt ceiling fights will only be solved by budget reform." Brookings FixGov, April 27, 2023.