Canada watches closely but quietly as U.S. debt limit standoff nears deadline
Treasury Secretary Janet Yellen warned last week that the current ceiling could be reached as early as June 1, at which point the U.S. would not have enough money at its disposal to pay all of its bills.
“In many ways, we are like a 51st state — we are joined at the hip with the U.S.,” said Andreas Schotter, a professor of international business at Western University’s Ivey Business School in London, Ont. Schotter made clear that he doesn’t expect the U.S. to go off a fiscal cliff, although given the current political climate it will likely get close to the edge.But for America’s number one trading partner and a bilateral relationship that’s worth $3.25 billion of business on a daily basis, the impact of a default would be deep and far-reaching, he added.Despite the stakes, protocol demands that the rest of the world, including Canada, maintain a safe diplomatic distance from the fray.
“In our case, our fiscal position is the strongest in the G7, and so we’ll be continuing to manage the fiscal frame.”The stage for Tuesday’s showdown has been set since January, when Yellen first warned that a default could be in the offing by early summer without raising the debt limit. Republicans who control the House say they won’t do it without spending cuts.
Biden has refused to be drawn into negotiations, insisting that he won’t talk about cuts until the House first agrees to raise the limit with no strings attached. “A painful lesson was learned,” Pfeiffer wrote. “Negotiating with the ticking clock of a global financial collapse was a losing proposition.”
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