The economic impact of a deal on the debt ceiling will have ripple effects for presidential candidates in 2024 ¡ª and 2028.
Negotiators for House Republicans and the White House have been haggling over proposals that could include multiyear spending cuts ¡ª 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.
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