One of the world’s best market watchers says there’s ‘zero chance’ the debt crisis isn’t resolved

Wall Street has been wobbling under the weight of a potential U.S. debt default over the past few weeks. Investors are concerned that a deal to raise the debt ceiling could be hard to come by amid political gridlock in Washington. Worryingly, many House GOP members seem to be laughing off the seriousness of the threat, mocking Treasury Secretary Janet Yellen’s apocalyptic warnings of crossing the X-date, when the U.S. will default, as something from a “Ouija board.” But Wharton professor Jeremy Siegel isn’t concerned. The veteran market watcher has seen this dozens of times before and continues to believe lawmakers will come to an agreement.

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“There is zero chance the debt issue will not get resolved even though there will be posturing and debate right up to the last minute before timelines are extended or the debt limit is raised,” Siegel wrote in his WisdomTree commentary this week.

Treasury Secretary Yellen has been using “extraordinary measures” to keep the government running since hitting the $31.4 trillion national debt ceiling in January. She’s also repeatedly warned the U.S. faces “economic and financial collapse” if the deadline to increase the debt ceiling passes. That could be as soon as June 1, according to Yellen, but Goldman Sachs estimates the true X-date won’t be until mid-June.

Yellen isn’t the only one worried about the fallout from the debt ceiling drama, of course. Economists across the nation have argued that a debt default could have disastrous consequences for the U.S. economy, with Moody’s Analytics estimating in January that it could wipe out $12 trillion in household wealth in a job-killing recession that would be “comparable to that suffered during the global financial crisis.”