'Market angst' brewed as debt ceiling debate raged in Congress

Default would wipe out $15trn in household wealth

Elliot Gulliver-Needham
clock • 4 min read
US president Joe Biden is reluctant to use the reconciliation process

US president Joe Biden is reluctant to use the reconciliation process

Markets are “starting to notice” that the US is getting closer to defaulting on its debt, according to investment professionals, with the Senate finally passing a short-term fix to delay the debate.

After weeks of Republicans refusing to vote for a bill that would prevent a default, an agreement was finally reached on 7 October, due in part to threats by Democrats to push the bill through by making...

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