The electoral sweep by Democrats on Tuesday night injects a new, unstable dynamic into the single biggest political risk to financial markets in the coming year: the debt limit . Unless a defeated Republican Party makes a swift and unlikely show of unity to take the issue off the table in its last few weeks in power, the protracted fight that will unfold is set to be nastier than ever, adding volatility to an already shaky bond market. Past episodes of brinkmanship around the need to raise the government's borrowing limit have involved Republicans in Congress demanding budget cuts from a Democratic president as the price of their vote. This time it will almost certainly be the left seeking concessions from the right.
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