The way I'm reading it the debt ceiling isn't the biggest problem Interest Rates areThere's lots of finger pointing and law breakers in D.C. I agree. The average person wouldn't be able to get away with some of their illegal activities. Justice/accountability should be the same for everyone.
The writer summed up the debt crisis quite well in his piece in his last few paragraphs.
_____________________________________________
"Chances of not getting a deal in a timely way are low. We're probably going to get a deal. But those chances are uncomfortably high even though they're low," he said. "The longer this goes on, the more chance there is of a mistake that somebody drops the ball between the administration and Capitol Hill."
In addition, any legislation to address the banking crisis could also be attached to a bill to lift the debt ceiling, Gardner added, further complicating efforts to avoid a historic default.
Some ideas that lawmakers have raised include expanding the level of deposits that the FDIC will guarantee and tightening regulatory oversight on banks.
"It's very hard to predict, but what you can predict is that lawmakers are going to look at that debt-ceiling bill as the way to get their agenda through," he said.
With neither party conceding to the other, Gardner thinks that stock market volatility will force Congress to reach a deal on the debt ceiling, noting that a similar standoff in 2011 was resolved as investors began realizing that a default could actually occur.
"That volatility in the market is what really forced Congress to finally act," he said. "A lot of times it's market action, market pressure that gets Washington to act."
Close to 190 banks could face Silicon Valley Bank's fate, according to a new study (msn.com)