Replay of debt ceiling drama in Washington may spook markets, hurt economic recovery

SINGAPORE – The debt ceiling drama is back in Washington after a two-year respite with all the usual political horseplay that risks complicating the financial calculus of the Covid-19-marred economic recovery worldwide.

If United States legislators fail to strike a deal on how much President Joe Biden can borrow to fund his ambitious budgetary measures in the next few weeks, fears of a government shutdown and potential default will stoke volatility in financial markets.

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