Fiscal crisis nears as McCarthy takes debt ceiling plan to Wall Street - The Washington Post - 0 views
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“It will be financial chaos,” predicted Mark Zandi, the chief economist at Moody’s Analytics, when asked about a potential brush with default. “Our fiscal problems will be meaningfully worse. … Our geopolitical standing in the world will be undermined.”
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Womack and other Republicans acknowledged that the “real question” is if their own party can shore up the 218 votes needed in the House to pass a bill. With tensions simmering among the GOP’s far-right and moderate ranks — and only four votes to spare in a narrow majority — Republicans said they need to show progress if they hope to put new pressure on Democrats.
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More than a decade later, some Republicans in Washington acknowledged that it may well take a more severe economic disruption just to force a resolution to the country’s fiscal standoff.“You can’t rule that out,” said Douglas Holtz-Eakin, president of the American Action Forum, a conservative advocacy group, as he echoed the need for drastic action to reduce the federal debt. “Both sides are dug in. They’ve shown no signs of moving. Something has to change the landscape to incentivize the White House and Congress to move.”