Cozen Currents: A Critical Review of DC’s Debt Ceiling Drama
May 30, 2023
May 30, 2023
“The debt ceiling battle has evolved into DC’s version of a Shakespearean play – it is a tale of sound and fury, signifying very little in the end.”
— Howard Schweitzer, CEO, Cozen O’Connor Public Strategies
After a dramatic few months, the latest debt ceiling saga underscores how leadership on both sides of the aisle can navigate the partisan divide notwithstanding the high level of polarization that has become endemic in the nation’s capital.
The Art of the Deal. President Biden and House Speaker Kevin McCarthy (R-CA) found enough common ground to reach a deal on raising the debt ceiling. The legislation, the Fiscal Responsibility Act (FRA), is a classic example of two sides seemingly far apart being creative in finding middle ground.
The Art of Passing the Deal. With the FRA released, leadership on both sides are pressing the case to the rank-and-file that this is a deal worth supporting and that the alternative is unbearable. The debt ceiling needs to be raised by the X-date on June 5th.
What’s the Deal with the Deal. The debt ceiling dramatics are a uniquely American institution. It doesn’t appear to be ending anytime soon.
Cozen O’Connor Public Strategies, an affiliate of the international law firm Cozen O’Connor, is a bipartisan government relations practice representing clients before the federal government and in cities and states throughout the country. With offices in Washington D.C., Richmond, Albany, New York City, Philadelphia, Harrisburg, Chicago, and Santa Monica, the firm’s public strategies professionals offer a full complement of government affairs services, including legislative and executive branch advocacy, policy analysis, assistance with government procurement and funding programs, and crisis management. Its client base spans multiple industries, including healthcare, transportation, hospitality, education, construction, energy, real estate, entertainment, financial services, and insurance.
Established in 1970, Cozen O’Connor has over 775 attorneys who help clients manage risk and make better business decisions. The firm counsels clients on their most sophisticated legal matters in all areas of the law, including litigation, corporate, and regulatory law. Representing a broad array of leading global corporations and middle-market companies, Cozen O’Connor serves its clients’ needs through 31 offices across two continents.
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