“With the passage of a $1.65 trillion spending bill, Congress has averted the threat of government shutdowns until next September. Now lawmakers are bracing for an even bigger fight in the coming months over raising the government’s borrowing limit,” the Wall Street Journal reports.
“Republicans will take control of the House in January, while Democrats will keep their Senate majority, ushering in a period of divided government. House Minority Leader Kevin McCarthy (R-CA) and other Republicans have said they would use any vote on raising the debt limit as a way to force Democrats to cut spending. President Biden and congressional Democrats are adamant that they won’t allow Republicans to pressure them to cut federal programs.”
“That is setting up a potential game of chicken next year that could shake global markets if not resolved.”
