A combination of miscalculations, ideological rigidity and discord within the leadership of both political parties brought the U.S. government to the brink of a catastrophic default during the 2011 showdown over the federal debt ceiling, according to a new book by journalist Bob Woodward.
“The Price of Politics,” Woodward’s 17th book, chronicles President Obama’s contentious and still unresolved fiscal policy battle with congressional Republicans that dominated the White House agenda for nearly all of 2011. (On Sunday, The Washington Post will publish an adaptation in its print, mobile and Web editions. The book is scheduled for release on Tuesday. Woodward is a Post associate editor.)
As the nation’s leaders raced to avert a default that could have shattered the financial markets’ confidence and imperiled the world’s economy, Obama convened an urgent meeting with top congressional leaders in the White House. According to Woodward, House Speaker John A. Boehner (R-Ohio) pointedly told the president that the lawmakers were working on a plan and wouldn’t negotiate with him.