Several factors that were in place during 2011 are missing this time. Back then, the talks began much earlier and there was a different political environment and mutual agreement from the get go that deficit reduction was a top priority for both sides.
Many in Washington and Wall Street are looking to 2011 as a reason not to freak out about the current debt-ceiling standoff. That year, a similar crisis ended with a last-minute agreement.
But should investors really be so sanguine? Maybe not, according to Mike Sommers, who had a front-row seat to the drama in 2011 as chief of staff for then-Speaker John Boehner. Several key factors that were in place during 2011 are missing this time around. Back then, the talks began much earlier and there was a different political environment and mutual agreement from the get go that deficit reduction was a top priority for both sides.“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,” said Sommers, who is now the CEO of the American Petroleum Institute.
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