House Budget Committee Chairman Paul Ryan expects his fellow Republicans to wait until the “last minute” to strike a deal that averts national default by raising the $14.3 trillion limit on the U.S. debt.
Failure to reach a deal could trigger a new global financial crisis, according to analysts and Democrats including President Barack Obama. But on Monday, the day the U.S. debt reached its current statutory limit, Ryan told an Illinois AM radio station that “we’re going to negotiate this thing probably up through July, that’s how these things go.”
“That’s how these things go” could place negotiations at the very doorstep of an Aug. 2 deadline, which is when the Treasury Department believes it will exhaust its bag of tricks for staving off a financial apocalypse.
Ryan’s comments came a day after Senate Republican Leader Mitch McConnell advised CNN’s viewers to see the approaching default deadline as a source of opportunity.
Meanwhile, inflation worries buttressed by still-way-high gas prices are driving U.S. states to consider making silver and gold coins legal tender. South Carolina is the latest to consider legislation to that effect, joining over two-dozen others in a trend that began this month in Utah.