https://www.siliconvalley.com/2023/05/04/opinion-this-debt-limit-standoff-could-be-really-disastrous/

I have one message for those observing or involved in the standoff over raising the U.S. federal debt limit: Be afraid, be very afraid. At this point in the financial and economic cycle, the consequences of failing to reach a deal would be particularly dire.

The risks that a political impasse will force the U.S. government to renege on its obligations keeps rising as time marches on with no negotiation or progress. Worse, both sides’ positions appear to be hardening. House Speaker Kevin McCarthy’s ability to pass a budget bill (by the thinnest of margins) has strengthened Republicans’ belief that they can win concessions from the Biden administration — concessions that are actually anathema to the latter.