'The SVB mess is not the first time in recent weeks that such a disaster has been followed within hours by a bitter and polarized blame game,' writes Stephen Collinson | Analysis
The dramatic meltdown of Silicon Valley Bank is proving one thing for sure – the biggest systemic risk to the United States lies not in its banking system but in its polarized politics. So far, the Biden administration’s frantic effort to contain the California bank’s woes seems to have worked. There was no Monday morning run on the banks after the federal government agreed to guarantee deposits at SVB and another shuttered bank, although future failures can’t be ruled out.
The president is calling on Congress to do so to pay for already appropriated programs and incurred debt, some of it racked up under Trump. But radical GOP lawmakers are demanding massive spending cuts that would effectively smash Biden’s agenda. If the debt ceiling is not raised by late summer, America’s credit rating could be splintered and the economy could be thrown into chaos. Social Security checks might be stopped and the military might not be paid.
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