And if financial markets start to teeter on worries about the U.S. fiscal situation, GOP lawmakers might quickly change their tune.
At least for now, members of the financial industry do not seem too worried about the prospect of breaching the debt limit.
“Congress will need to raise the debt ceiling towards the end of February,” said Scott Talbott, senior vice president of public policy for the Financial Services Roundtable. “Failure to raise the debt ceiling would prevent the U.S. from borrowing new money to cover its expenses. This casts a pall over the U.S.’s credit rating.”