HomeFinancial Markets2023 Debt Ceiling Debate Notably Different From 2011, American Petroleum Institute Chief...

2023 Debt Ceiling Debate Notably Different From 2011, American Petroleum Institute Chief Insists

Mike Sommers, the CEO of the American Petroleum Institute insists that the ongoing debt-ceiling standoff in Congress is not reminiscent of a similar crisis that occurred back in 2011. That year, the debt issue was settled with a last-minute agreement.

Speaking of 2011’s tension, Sommers commented: “We had a willing dance partner in President Obama who understood that the political dynamics changed significantly in 2010 and that he needed a deal on this.” He went on to call this year’s tensions “100% different”, adding “I just don’t know where the deal space is here.”

In 2011, Congressional talks began much earlier than is the case in 2023. A significantly different political landscape also existed, with both sides agreeing to hold deficit reduction as a top priority.

Sommers’ comments come as many investors look to draw comparisons between the ongoing debt crisis and what happened in 2011. Moody’s Analytics chief economist Mark Zandi echoed this sentiment, stating that “investors “are thinking, I’ve seen this movie many times before and I know the end of it.”

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