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The Guardian - US
The Guardian - US
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Walter Shapiro

A debt default would be catastrophic for the US – and Biden’s re-election chances

‘For Kevin McCarthy and the defaulters, there is no downside.’
‘For Kevin McCarthy and the defaulters, there is no downside.’ Photograph: Chip Somodevilla/Getty Images

The favored metaphor on the left is to compare the trumped-up debt-ceiling crisis to hostage-taking by the House Republicans.

But in a true hostage situation, both sides have something major to lose. The perpetrators risk not getting a payoff or, worse, spending decades in prison. For the families of the victims and the police, the danger is that the hostages will be killed during the negotiations or in the midst of a botched rescue mission.

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