WASHINGTON, DC – MARCH 20: Tourists travel along 1st Street near the East Front of the U.S. Capitol building on March 20, 2023 in Washington, DC.

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The 2011 debt-ceiling debate has been a useful, if not foreboding, analogue as Wall Street grapples with the current back-and-forth in Washington about raising the nation’s borrowing limit. Concern about a potential U.S. government default has only mounted in recent days, contributing to back-to-back weekly losses in the S&P 500.

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