The Politics of Debt Ceilings

If ever there's been a political environment that was ripe for somebody to cause trouble, we've got it with everything going on. It seems to me like every time in the past, we've built up this complacency where people said, wait a minute, if we get to that debt ceiling and we don't pass an extension and we default on just one treasury payment, it's going to affect the United States credit rating forever. So far, we've never let that happen. What they'll probably do is when you come down to the end of Janet Yellen's, what we call extraordinary measures,. That's the key day of when those extraordinary measures may run out.