Former U.S. Treasury Secretary Lawrence Summers said the odds that the U.S. government could face a technical debt default due to legislation around its borrowing limit were at around 2%-3%, but that any default would be fixed quickly.
A standoff between Republicans and Democrats over raising the U.S. borrowing limit has started to impact money markets, with incoming tax receipts recently indicating that the deadline to raise the $31.4 trillion borrowing limit could be"I think the odds on a technical default associated with the debt limit legislation over the next few months are 2% or 3%, and if it happens it will be repaired fairly quickly," Summers said at a Morningstar investment conference in Chicago.
On the other hand, the White House has called on Congress to raise the debt limit without conditions, as it did three times under Biden's Republican predecessor, Donald Trump. JPMorgan warned last week that there was a "non-trivial" risk of a technical default on U.S. Treasuries, and that the debate over the debt ceiling would likely run "dangerously close" to its final deadline.
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