Two reasons I'm skeptical of the debt ceiling fears:
1. Most leaders don't want to be responsible for torpedoing the economy
2. All representatives don't want to see their own portfolio plummet
I just wish it wasn't a form of hostage taking every time it comes up again.
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The BIG reason to be skeptical is to realize that presidents have every incentive to spin up fears, to get the public to pressure Congress to give them more money.
In this case the Treasury has plenty of ongoing income to service debts so there is absolutely no legal chance for the US to default.
Presidents like to put out that fear because it serves their strategic interests, but it's simply not true.
