Commentary
I wrote just over a week ago that we expected to reach the debt limit in late summer or early fall. That was based on a Bloomberg Intelligence estimate from the fall of 2022 when then-House Speaker Nancy Pelosi (D-Calif.) was pushing for post-election lame-duck Congress to increase it before the Republicans took control. I wrote that I would “weigh in here from time to time with some thoughts of my own as to how Congress can avoid the rocky fiscal shoals” between default and a sovereign debt crisis from a loss of confidence in the U.S. dollar. (See that column for my concerns.)
