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<blockquote data-quote="Jake Rickman" data-source="post: 143378" data-attributes="member: 8521"><p>Another development to keep an eye on is the debt ceiling negotiations ongoing in the United States. This is really more of a political development primarily between the US Republicans — which control the lower house of Congress (the <strong>House of Representatives</strong>) — and the Democrats, which control the upper house of Congress (the <strong>Senate</strong>) and of course the White House viz President Joe Biden. </p><p></p><p>A simple summary is that Kevin McCarthy, who is the Speaker of the House of Representatives and de jure leader of the Republicans, is trying to play hardball with the White House and Congress by refusing to agree to raise the borrowing limit of the US government unless the Senate and White House agree to some Republican-friendly measures. Things are complicated because McCarthy made an uneasy alliance with the far-right fringe members of the Republican Party when the Republicans took over control of the House of Representatives in January 2023. My current read on the situation is that the fringe wing is not interested in negotiations. </p><p></p><p>This is really more of a political issue than anything, and harkens back to Obama's days as president when the Republicans would routinely hold the debt ceiling hostage as a way to frustrate his presidency. But the consequence of not raising the debt ceiling is that the Federal Government defaults on its debt, which would have potentially profound implications for the rest of the commercial world. For starters, it would be the first time that the US has defaulted on its treasury bonds, which nearly everyone treats as an unassailably safe asset precisely because no one ever expects the US to default on its debt obligations. </p><p></p><p>It is a fluid situation. My understanding is that 1 June is the backstop date that an agreement has to be reached. Otherwise the Federal Government will not meet its 1 June treasury bond interest payments and will begin defaulting on its debt obligations.</p><p></p><p>If this still looks like an issue next week (and I suspect it will), I may write an article on it. But feel free to ask any questions or start a conversation about it before then.</p></blockquote><p></p>
[QUOTE="Jake Rickman, post: 143378, member: 8521"] Another development to keep an eye on is the debt ceiling negotiations ongoing in the United States. This is really more of a political development primarily between the US Republicans — which control the lower house of Congress (the [B]House of Representatives[/B]) — and the Democrats, which control the upper house of Congress (the [B]Senate[/B]) and of course the White House viz President Joe Biden. A simple summary is that Kevin McCarthy, who is the Speaker of the House of Representatives and de jure leader of the Republicans, is trying to play hardball with the White House and Congress by refusing to agree to raise the borrowing limit of the US government unless the Senate and White House agree to some Republican-friendly measures. Things are complicated because McCarthy made an uneasy alliance with the far-right fringe members of the Republican Party when the Republicans took over control of the House of Representatives in January 2023. My current read on the situation is that the fringe wing is not interested in negotiations. This is really more of a political issue than anything, and harkens back to Obama's days as president when the Republicans would routinely hold the debt ceiling hostage as a way to frustrate his presidency. But the consequence of not raising the debt ceiling is that the Federal Government defaults on its debt, which would have potentially profound implications for the rest of the commercial world. For starters, it would be the first time that the US has defaulted on its treasury bonds, which nearly everyone treats as an unassailably safe asset precisely because no one ever expects the US to default on its debt obligations. It is a fluid situation. My understanding is that 1 June is the backstop date that an agreement has to be reached. Otherwise the Federal Government will not meet its 1 June treasury bond interest payments and will begin defaulting on its debt obligations. If this still looks like an issue next week (and I suspect it will), I may write an article on it. But feel free to ask any questions or start a conversation about it before then. [/QUOTE]
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