The impasse over raising the debt limit continued last week, although it looks like the two sides are edging closer to a deal ahead of the 2nd August deadline set by the Treasury. If there's no deal by early August we suspect the Treasury would still be able to pay debt interest, but the drop in other spending would, if it lasted more than a few days, drive the economy into recession.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.