Canada's federal government was watching closely and saying little Tuesday as a high-stakes race against the clock got underway in earnest at the White House, with the health of the global economy hanging in the balance.
President Joe Biden met with congressional leaders, including Speaker Kevin McCarthy, his chief antagonist in a protracted standoff over the debt ceiling — a legislative limit on the U.S. government's borrowing power.
Interest rates, already on the rise, would shoot higher, hitting taxpayers and private borrowers hard. Demand for money-market securities like treasury bills would fall, hampering the U.S.'s ability to cover its soaring debt costs. "The conversation of the finances, post-pandemic, for all of our democracies is an active conversation, so we'll leave the United States to decide about its debt ceiling," Boissonnault said.
Biden has vowed to veto it should it somehow pass in the Senate, where 43 Republicans are standing with their House colleagues, demanding"spending cuts and structural budget reform as a starting point" in the talks. Daniel Pfeiffer, a former White House adviser to President Barack Obama, who twice wrestled with debt-ceiling talks during his two terms, offered a glimpse into Biden's hardline strategy in a New York Times essay Monday.
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