The economic impact of a deal on the debt ceiling will have ripple effects for presidential candidates in 2024 — and 2028.
Negotiators for House Republicans and the White House have been haggling over proposals that could include multiyear spending cuts — and possibly trigger or exacerbate a recession in 2024, according to Bloomberg Economics.
Such a scenario would weigh down a re-election campaign by U.S. President Joe Biden that’s already beset by low approval ratings and concerns over the 80-year-old’s fitness for office.