As debt ceiling negotiations go down to the wire, an economic disaster looms that could affect everything from student loans to mortgage payments
"2011 was a very different situation — we were in recovery mode from the global financial crisis," Kroszner told the Times."In the current situation, where there's a lot of fragility in the banking system, you're taking more of a risk. You're piling up fragility on fragility."
The most obvious result of financial chaos: Economic pressures could result in a surge in interest rates that drive up monthly payments on everything from student loans to credit cards. In late April, House Republicans passed Speaker Kevin McCarthy's bill, the Limit, Grow, Save Act of 2023, which would raise the debt ceiling by $1.5 trillion while implementing $4.
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