Debt ceiling danger

Congress and President Biden have less than a week to reach a compromise on the debt ceiling before the U.S. defaults on its debt, a historic first that could drag the country (and the world) into a severe recession.

A deal might be close, but compromise is a tall order in Washington. The deep partisan division in the country is never more present than when there are real consequences for government inaction. Given all that is at stake, how is the public reacting?

Below are five charts on how Americans feel about the debt ceiling negotiations and the fanfare surrounding it.

1. High-profile story. The debt ceiling negotiation is a story Americans both know and care about. Americans have good reason to – if politicians can’t agree in time and the U.S. defaults on its debt, experts say the U.S. could plunge into a severe recession. We will see what happens.
2. Recession worries. Most, regardless of party, are deeply concerned about any potential recession or personal financial harm that could come from not raising the debt ceiling. Americans understand what’s on the line if the government doesn’t act. There is no partisan divide here.
3. Two Americas, no solutions. As much as Americans fear the repercussions if politicians fail to make a compromise, they split on what solution they’d like to see. Partisanship shapes people's views. Unsurprisingly, Democrats are likely to favor increasing the debt limit, while Republicans are more mixed. Two Americas, one red, one blue.
4. A high stakes game for political elite. Americans don’t look at this political fight and see two sides trying to do what’s best for the public. Majorities of Democrats and Republicans think the debt ceiling issue is a political game, and neither party has the best interest of the American public at heart. It’s gamesmanship.
5. Learning from the past. After the last debt ceiling fight, no political actor came out looking good. For everyone involved—from President Obama to the Tea Party to the House Speaker—the public saw each more negatively than positively because of the debt ceiling deal. As the clock ticks down, how will President Biden, House Speaker McCarthy, and all others fare this time around? History repeating itself, again, and again.

The clock is ticking as the government is inching closer to the edge of the fiscal cliff. Will the last-minute pressure put the squeeze on lawmakers to reach a deal? Americans hope so, but we will see.

The public doesn't see the back-and-forth between Democrats and Republicans as genuine disagreement, but rather as a political game lawmakers are playing. Americans are aware of the consequences here. Even as the signs seem promising that President Biden and Congress will reach a deal, politicking with the lives of millions of Americans is more of the same in the era of two Americas.  Will this game break the piggybank? Not sure. But we will see.