Analysis: The Democrats have one chance to extract concessions from Trump. Markets will hate it

Senate Democrats face a single leverage point in the coming debt-ceiling fight, with the article arguing that markets will dislike the resulting brinkmanship. The standoff could invert Washington's usual roles, as Republicans control the White House and Congress while Democrats must decide whether to demand spending concessions in exchange for raising the borrowing limit. The piece warns that the confrontation raises the risk of market volatility and even a damaging default. What to watch next is whether Democrats extract concessions or fold, and how bond investors price the risk as the deadline approaches.