A timeline of events related to the Debt Ceiling crisis: The United States is facing yet another debt ceiling crisis, with both Democrats and Republicans at a standstill in negotiations.
House Freedom Caucus calls for debt talks pause until Senate passes its plan »
@freedomcaucus: House Republicans did our job on debt ceiling. It's time for President Biden and Senate Democrats to do theirs and pass the Limit, Save, Grow Act. No more discussion on watering it down. Period.
@PulbicNewsDC: Congressional leaders from both parties emerged from their meeting with President Joe Biden at the White House on Tuesday unable to convey how they’re on a clear path to raise the nation’s borrowing limit and avoid a historic default.
"Members should remain aware and be able to return to the Senate within a 24-hour period to fulfill our responsibilities to avoid default,"
☑️ #97 May 18, 2023
Remarks by Vice President Harris During Biden-Harris Administration Briefing on Preventing Default »
Back in 2011, we saw that even coming close to a default — even coming close — can hurt our nation’s economy and families. By coming close to a default back then, prices in the stock market fell almost 20 percent for more than a year. Millions of people lost money out of their retirement accounts. It became more difficult for both small and large businesses to secure loans, fill orders, and hire new workers because the financial system was no longer confident that our nation could pay its bills.
Senate Dems: Biden to be ready to invoke 14th amendment »
@msnbc: Sen. Jeff Merkley signs letter imploring Biden to use 14th Amendment: ‘This blackmailing has to end’
“The President has to have the option to say, ‘These things go too far. They are not acceptable. I'm not going to harm American families. I'm not going to harm our transition to renewable energy, and therefore I'm going to use the 14th Amendment,’”
“We are saying to the president, ‘Examine this closely. We have your back. We know it's not without risk. It hasn't been done before. We know that you can have a back up plan to assure the bondholders. This blackmailing has to end.’”
☑️ #95 May 18, 2023
Senate Dems: Biden to be ready to invoke 14th amendment »
@SenSanders: Today, 10 of my Senate colleagues and I sent a letter to President Biden urging him not to cave in to extreme Republican demands that will cause irreparable harm to the American people. Instead, he should prepare to use the 14th Amendment to avoid a catastrophic debt default.
home.treasury.gov: Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the National Asian / Pacific Islander American Chamber of Commerce and Entrepreneurship 2023 Business Summit
[Transcription] [Excerpts] Private sector forecasters have made clear that failure to lift the debt limit would lead to a recession, hurting small businesses around the country and leading to millions of jobs being lost. Congress must take action to raise the debt limit and do what is needed to protect families and small businesses, as it has done nearly 80 times before. It is the only way to maintain the economic progress we’ve made.
[Transcription] [Excerpt] Washington, D.C. – Today, at a bicameral press conference standing alongside Congressional Republicans, Speaker Kevin McCarthy called out President Biden for waiting until 15 days before the debt ceiling deadline to start negotiating a responsible debt limit increase. The Speaker urged President Biden to avoid being the first President to default on the national debt.
@RNCResearch: JAKE SULLIVAN: "The president is confident that we can avoid default, but the reason he's going back is to make sure that that happens."
"He is going to do what a president does, which is pull the relevant parties together to get to a deal that produces a positive outcome,"
"The final stretch of negotiations over the debt limit or over the budget cannot be done at a later date, and that default can't be postponed, but the trip can be postponed,"
Biden addresses debt ceiling negotiations before G-7 trip»
@WhiteHouse: President Biden Delivers Remarks on Preventing a First-Ever Government Default
☑️ #90 May 17, 2023
McCarthy thinks there will be no default
@CNBCTelevision: House Speaker McCarthy on tax cuts adding to federal debt: The real problem is with our spending.
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@CNBCTelevision: House Speaker Kevin McCarthy on debt ceiling: We finally have a structure to negotiate.
☑️ #89 May 17, 2023
Leader Jeffries on CNBC: “We must avoid a catastrophic default on our nation's debt" »
democraticleader.house.gov: WASHINGTON, D.C. – Today, Democratic Leader Hakeem Jeffries appeared on CNBC's Squawk Box where he reiterated that while extreme MAGA Republicans attempt to hold our economy hostage, House Democrats remain committed to avoiding a catastrophic default on our debt and ensuring that America pays its bills.
Speaker McCarthy's Press Conference Following Meeting at White House »
@SpeakerMcCarthy: We are closer to solving our debt crisis, but we only have days to go before default. Had President Biden worked with the House months ago—as he said he would— we would have already solved this.
☑️ #87 May 16, 2023
Speaker Kevin McCarthy Provides Readout after White House Meeting »
@SpeakerMcCarthy: Just finished meeting at the White House. My position is clear and reasonable—House Republicans have done their job to avoid a default and responsibly raise the debt limit. Democrats must now do the same.
@markets: Sen. Chuck Schumer says common ground has to be found to reach a deal on the debt ceiling. He says everyone understands a default would be a disaster. Schumer spoke to reporters after meeting with Republican leaders in the Oval Office.
@JakeSherman: MCCARTHY says STEVE RICHETTI and SHALANDA YOUNG will negotiate for White House. GARRET GRAVES and mccarthys staff will negotiate for house republicans.
☑️ #84 May 16, 2023
Nasdaq and over 140 firms urge Washington to reach debt deal »
pfnyc.org: Open Letter to the President & Congressional Leaders from Concerned Business Leaders
[Transcription] [Excerpts] Since its founding, the United States has held honoring its debts as among its most important governing principles. In recent years, that commitment has been challenged from time to time as Congress has periodically increased the limit on the nation’s overall indebtedness to accommodate persistent budget deficits. At present, the country is facing another such challenge.
We write to emphasize the potentially disastrous consequences of a failure by the federal government to meet its obligations. Absent a resolution, the government is likely to run out of money as soon as June 1. Action to end the pending debt crisis is necessary now.
The closest the U.S. has come to default was in 2011. As the likelihood of default increased, Standard & Poor’s took away the United States’ hallowed AAA rating (which has still not been restored). An agreement to raise the ceiling was reached two days before the federal government would have defaulted, but the stock market still lost 17% of its value for more than a year. Moody’s reported that the heightened uncertainty from this crisis resulted in 1.2 million fewer jobs, a 0.7 percentage point higher unemployment rate, and a $180 billion smaller economy than it otherwise would have—dire impacts that occurred without an actual default.
Failure to resolve the current impasse could easily have more negative consequences. Although the American economy is generally strong, high inflation has created stresses in our financial system, including several recent bank failures. Much worse will occur if the nation defaults on our debt obligations, which would weaken our position in the world financial system. Large amounts of our $31 trillion debt are held by pension funds, individuals, and other governments. The inability to incur new debt would also threaten the government’s ability to pay its other bills, potentially including some payments to Social Security or Medicare recipients. This cannot be allowed to happen.
We strongly urge that an accord be reached quickly so that the country can avert this potentially devasting scenario.
[Transcription] [Excerpts] It’s important for me to use our remaining time to speak about one specific decision in front of Congress that will have significant implications for your businesses – and for the broader domestic and global economy.
That’s the debt limit.
Yesterday, I told Congress that we still estimate that Treasury will likely no longer be able to satisfy all of the government’s obligations if Congress has not acted to address the debt limit by early June – and potentially as early as June 1. It is impossible to predict with certainty the exact date when Treasury will be unable to pay all of the government’s bills. And I will provide an additional update to Congress next week as more information becomes available.
Time is running out. Every single day that Congress does not act, we are experiencing increased economic costs that could slow down the U.S. economy. In 2011, we resolved the debt ceiling crisis right before the government had to stop making payments. But that eleventh-hour brinksmanship led to the first-ever downgrade of our credit rating in history. Consumer confidence fell by over 20 percent. The S&P 500 plummeted by about 17 percent. Spreads for mortgages and auto loans widened, which generally makes it harder for households to afford houses and cars.
@POTUS: If America defaults on its debt, our economy would fall into recession and our nation's global reputation would be damaged. MAGA House Republicans should stop playing brinkmanship with the full faith and credit of the United States. It's a manufactured crisis.
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@POTUS: Since taking office we've seen bigger jobs gains in two years than any president has in four. But if House Republicans push us into default, 8 million jobs could be lost – destroying our economic progress. It's clear: Default is not an option.
☑️ #81 May 16, 2023 | Jake Sherman (1)
McCarthy: We have 16 days left and [Biden] wants to spend 8 abroad »
@JakeSherman: NEW — @SpeakerMcCarthy on the DEBT LIMIT in closed GOP meeting: “Hes not gonna get a clean debt ceiling. We have 16 days left and [Biden] wants to spend 8 abroad. We are stronger together. Stick together stay strong.”
☑️ #80 May 15, 2023
Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit »
home.treasury.gov: [Transcription] WASHINGTON - Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit.
The Honorable Kevin McCarthy Speaker U.S. House of Representatives Washington, DC 20515
Dear Mr. Speaker:
I am writing to follow up on my previous letters regarding the debt limit and to provide additional information regarding the Treasury Department’s ability to continue to finance the operations of the federal government.
In my May 1 letter, I noted that our best estimate was that Treasury would be unable to continue to satisfy all of the government’s obligations by early June if Congress does not raise or suspend the debt limit before that time. In that letter, I also noted that while it is impossible to predict with certainty the exact date when Treasury will be unable to pay all the government’s bills, I would continue to update Congress as more information becomes available. With additional information now available, I am writing to note that we still estimate that Treasury will likely no longer be able to satisfy all of the government’s obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1.
These estimates are based on currently available data, and federal receipts, outlays, and debt could vary from these estimates. The actual date Treasury exhausts extraordinary measures could be a number of days or weeks later than these estimates. I will provide an additional update to Congress next week as more information becomes available.
We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States. In fact, we have already seen Treasury’s borrowing costs increase substantially for securities maturing in early June. If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.
I continue to urge Congress to protect the full faith and credit of the United States by acting as soon as possible.
McCarthy: “it seems more like they want a default than a deal.”»
@haleytalbotcnn: Speaker McCarthy offered a reality check this morning on debt limit talks, insisting they are still "far apart," while the administration paints a rosier picture.
wh.gov: Remarks by President Biden in Press Gaggle
Gordons Pond State Park Rehoboth Beach, Delaware
5:30 P.M. EDT Q Mr. President, when is the debt meeting with the leaders? THE PRESIDENT: In about 10 minutes. Q Seriously? THE PRESIDENT: (Inaudible.) You’re holding it up. Q When is it actually happening, sir? THE PRESIDENT: We’re working on it right now, the exact — Q Will it be on Tuesday? THE PRESIDENT: I think so. Q It’s been reported it will be Tuesday. THE PRESIDENT: I think so. Q Do you have an update on how talks have gone this weekend, sir? THE PRESIDENT: I have. Q Can you share that with us? THE PRESIDENT: No. (Laughs.) Q Okay. Q What’s your level of optimism about them? THE PRESIDENT: That’s sharing it, isn’t it? Q Well, it’s giving us a clue. THE PRESIDENT: Look —
@USCBO: CBO’s updated projections show a federal budget deficit of $1.5 trillion for 2023. That estimate is subject to considerable uncertainty, though, in part because of a recent shortfall in tax revenues
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@USCBO: CBO projects that if the debt limit remains unchanged, there is a significant risk that at some point in the first two weeks of June, the government will no longer be able to pay all of its obligations.
The debt limit—commonly referred to as the debt ceiling—is the maximum amount of debt that the Department of the Treasury can issue to the public and to other federal agencies. That amount is set by law and has been increased over the years in order to finance the government’s operations.
What Constitutes Debt Subject to the Statutory Limit?
What Extraordinary Measures Are Available to the Treasury?
What Is the Schedule for Cash Flows and Debt Issuance?
What Would Happen Once the Extraordinary Measures and Cash Were Exhausted?
☑️ #76 May 12, 2023
White House Press Secretary Karine Jean-Pierre revealed on Friday that the majority of the Congressional leaders were in favor of taking the debt default "off the table"»
wh.gov: Press Briefing by Press Secretary Karine Jean-Pierre and Infrastructure Implementation Coordinator Mitch Landrieu
“But, again, we cannot have a default. And I’m going to be very clear and you’ve heard this from other — other leaders as well is — is that all of the three — the three of the four have said that we have to avoid default. They’ve been very clear that we have to take default off the table. I will let you guess who was the fourth that did not say that.”
Biden and McCarthy spoke by phone ahead of debt ceiling meeting»
nbcnews.com: The previously unreported conversation between the president and GOP House speaker on Sunday was initiated by McCarthy, two sources told NBC News.
Janet Yellen speaks to Bloomberg: “Congress Raising Debt Ceiling Is Only Good Outcome” »
@markets: US Treasury Secretary Janet Yellen says there is "no satisfactory solution" to solving the debt limit other than Congress acting to raise the debt ceiling. She speaks with Annmarie Hordern on "Bloomberg Markets: European Open."
G7 Finance Ministers and Central Bank Governors' Meeting
“G7 Hiroshima Summit” logo - G7 Finance Ministers and Central Bank Governors' Meeting
☑️ #73 May 11, 2023
Dep. Secy. Adeyemo: ‘There is no way to stop the catastrophe’ of default if debt limit isn’t raised»
@msnbc: Deputy Treasury Secretary Wally Adeyemo joins Andrea Mitchell to explain the consequences if a deal is not reached to raise the debt limit. “There is no way to stop the catastrophe that would be default if Congress doesn't raise the debt limit. All of the alternatives that people have come up with are alternatives that would mean that for the first time in the history of the United States, we didn't meet all of our commitments on time. It would be devastating for our economy,” Adeyemo says. “What private sector analysts have said is that if we defaulted on our debt, we would lose millions of jobs, the economy would go into a recession that would be likely more significant than what we faced after Lehman collapse. That's why we expect Congress to, on a bipartisan basis, avoid default and make sure that we raise the debt limit.”
☑️ #72 May 11, 2023
Yellen plans to huddle with Wall Street bankers as default looms »
politico.com: Treasury said Yellen will talk with banking leaders to discuss the impasse over raising the government’s borrowing limit.
☑️ #71 May 11, 2023
Biden, Congress leaders reportedly postpone debt ceiling talks »
SquawkCNBC: The debt ceiling meeting scheduled for tomorrow is now delayed until next week - our traders @Bonawyn, @RiskReversal_, @GuyAdami and Julie Biel of @KARInvest weigh in on the potential outcomes.
The next round of negotiations between United States President Joe Biden and congressional leaders has been postponed until next week, CNBC reported on Thursday, citing a source familiar with the matter.
☑️ #70 May 11, 2023
Speaker McCarthy on Debt Ceilieting postponement:
@cspan: .@SpeakerMcCarthy "Mr. President, my message is very simple; do not miss another deadline, like you just missed on Title 42. Our country cannot afford it. The Republicans will always act responsibly and will also always look for solutions."
News Conference on Border Security Bill Vote. Source: Tweet
"The White House didn't cancel the meeting. All of the leaders decided it's probably in the best of our best interest to let the staff meet again before we get back together."
JPMorgan CEO Dimon says bank is convening a 'war room' on debt ceiling »
@business: JPMorgan has convened a weekly war room to plan how it would react to a potential US default as negotiations in Congress over the debt ceiling drag on, CEO Jamie Dimon says
"JP Morgan's War Room"
That bank's so-called "war room" will probably start daily meetings on May 21, then ramp up to three times a day if the standoff over the debt limit drags on, he said.
☑️ #68 May 11, 2023
Jamie Dimon warns panic will overtake markets as U.S. approaches debt default »
Town Hall 2023: What do you think about the current U.S. debt situation? »
@CNN: Why President Trump believes US should default if White House doesn't agree to spending cuts
Former President and 2024 candidate Donald Trump answers a voter question during CNN’s Republican presidential town hall about the US’ approaching debt limit.
☑️ #66 May 11, 2023
International Monetary Fund (IMF): US debt default would have very serious repercussions »
imf.org / @IMFlive / @IMFSpokeperson: A spokesperson (?) for the IMF urged US Democrats and Republicans to work on reaching a consensus in order to lift the debt ceiling and avoid default.
☑️ #65 May 11, 2023
White House takes signature law off negotiating table in early spending, debt ceiling talks»
cnn.com: [Transcription] [Excerpts] As spending negotiations get underway, the White House has conveyed to congressional negotiators that President Joe Biden’s most recent legislative accomplishment, the Inflation Reduction Act, is off the table as the two sides begin to eye potential spending cuts, two sources familiar with the matter told CNN.
Other non-negotiable items:
A source familiar with the negotiations said White House officials raised all of those items in Wednesday’s meeting, calling them priorities the White House would not see cut.
rolling back student debt forgiveness, a key campaign promise that remains tied up in litigation that was also targeted in House Republicans’ bill last month.
Medicaid and Supplemental Nutrition Assistance Program (SNAP) benefits.
German minister urges US legislators to be 'mature' in debt talks »
cnbc.com: German minister calls for maturity on U.S. debt ceiling talks: ‘We have to avoid further risks’
“There is a high level of uncertainty, we have to stabilize the economic development, we have to further fight inflation and in this situation everyone has to be responsible, we have to avoid further risks, especially risks which are in our hands to decide on,”
“I cannot comment on domestic politics in other countries, but I hope everyone is mature in this situation and avoids further risks for the global economic development,”
“G7 Hiroshima Summit” logo - G7 Finance Ministers and Central Bank Governors' Meeting
☑️ #63 May 11, 2023
Yellen: Default to seriously question US national security »
@USTreasGov: Press Conference | Secretary Janet Yellen at G7 Finance Ministers & Central Bank Governors Meeting
U.S. Secretary of the Treasury Janet Yellen speaks at a press conference before the start of the G7 Finance Ministers and Central Bank Governors Meetings in Niigata, Japan.
G7 Finance Ministers and Central Bank Governors' Meeting
"If this becomes a big problem, it could be difficult to solve, for example only by the Fed. But I believe the U.S. government will do its best to avoid such a situation,"
Bank of Japan (BOJ) Governor Kazuo Ueda
G7 Finance Ministers and Central Bank Governors' Meeting
“G7 Hiroshima Summit” logo - G7 Finance Ministers and Central Bank Governors' Meeting
☑️ #61 May 11, 2023
Yellen: Default to seriously question US national security »
home.treasury.gov: Remarks by Secretary of the Treasury Janet L. Yellen at Press Conference in Niigata, Japan
[Transcription] [Excerpts] As Prepared for Delivery
Thank you for joining me today.
I. DEBT LIMIT
Before we start, I’d like to briefly speak about a topic that is top of mind for many of us right now: the U.S. debt limit.
Earlier this month, I told the U.S. Congress that our best estimate is that the United States government will be unable to continue to satisfy all of its obligations by early June – and potentially as early as June 1 – if Congress does not address the debt limit before that time. That projection underscores the urgent need for Congress to act as soon as possible.
In my assessment – and that of economists across the board – a default on U.S. obligations would produce an economic and financial catastrophe. Millions of Americans could lose their jobs. Household incomes would be reduced. American businesses would see credit markets deteriorate. And millions of American families that receive government payments would likely be left without the resources that they were promised. This would make it dramatically harder for households to spend and businesses to invest. A default would threaten the gains that we’ve worked so hard to make over the past few years in our pandemic recovery. And it would spark a global downturn that would set us back much further. It would also risk undermining U.S. global economic leadership and raise questions about our ability to defend our national security interests.
Short of a default, brinksmanship over the debt limit can also impose serious economic costs. We know this from recent history. As we learned in 2011, just the serious threat of default can lead to a downgrade of our credit rating and a weakening of consumer confidence. We could see a rise in interest rates drive up payments on mortgages, auto loans, and credit cards. We are already seeing spikes in interest rates for debt due around the date that the debt limit may bind.
There is no good reason to generate a crisis of our own making. The U.S. Congress has raised or suspended the debt limit about 80 times since 1960. I urge it to act quickly to do so once again.
@JakeSherman: DEBT LIMIT. @SpeakerMcCarthy talked about the debt limit at the House Republican Conference meeting this morning. He said the polling is with Republicans and said they have to keep up the pressure on POTUS. He added that Senate Rs are with House GOP bc they passed a bill already
☑️ #59 May 9-10, 2023
President Biden: There is still much to discuss, default not an option »
whitehouse.gov: Remarks by President Biden on Why Congress Must Avoid Default Immediately and Without Conditions(5/10/23)
whitehouse.gov: Remarks by President Biden on Meeting with Congressional Leaders (5/09/23)
I made clear during our meeting that default is not an option. I repeated that time and again. America is not a deadbeat nation. We pay our bills. And avoiding default is a basic duty of the United States Congress. In fact, they did it three times under my predecessor without once — not one time — creating a crisis, rattling the markets, or undermining the unshakable trust the world has in America’s commitment to paying its bills.
@SpeakerMcCarthy: Speaker Kevin McCarthy Provides Readout after White House Meeting
Just finished meeting at the White House. My position is clear and reasonable—House Republicans have done their job to avoid a default and responsibly raise the debt limit. Democrats must now do the same.
No agreement came out of President Biden’s meeting with Speaker Kevin McCarthy at the White House on Tuesday, as the country faces the risk of default in less than a month.
Both leaders reportedly agreed to meet again on Friday to continue the discussion.
Bill Gross Advises Buying T-Bills to Bet Debt-Ceiling Issues Will Be Resolved »
bloomberg.com: [Transcription] [Excerpts] Bill Gross, the former chief investment officer of Pacific Investment Management Co., recommended buying short-term Treasury bills, expecting the debt-ceiling issue eventually gets resolved.
“It’s ridiculous. It is always resolved, not that it is a 100% chance, but I think it gets resolved,” Gross said on Bloomberg Television’s ETF IQ Monday. “I would suggest for those who are less concerned, similar to myself, that they buy one-month, two-month Treasury bills at a much higher rate than they can get from longer-term Treasury bonds.”
Rates on short-dated bills have soared ahead of the so-called ‘X-date’ early next month, after Treasury Secretary Janet Yellen warned last week that the government could run out of cash as soon as June 1. Anxiety that Congress will fail to lift the debt ceiling on time has manifested in the highest yields ever at last week’s four- and eight-week bill auctions, while Monday’s three-month sale offered the loftiest rate since 2001.
Treasury Secretary Yellen calls CEOs and business leaders with warning on debt limit»
reuters.com: Yellen is calling CEOs personally to warn on US debt ceiling, sources say
[Transcription] [Excerpts] The Treasury secretary is having one-on-one conversations with individual CEOs to warn them about the "dangerous consequences of the current brinkmanship," one of the sources said.
The sources declined to name the CEOs with whom Yellen had spoken in recent days, or provide any other details about their conversations, but one said they included executives in the financial sector and broader economy.
[Timeline] Only eight sessions are left this month during which both Congress chambers will simultaneously gather. The Treasury is expected to run out of cash by June 1 without a deal.
☑️ #54 May 8, 2023
White House on debt ceiling: House GOP creating a crisis »
whitehouse.gov: Press Briefing by Press Secretary Karine Jean-Pierre
Q Leader McConnell has made it pretty clear that there’s little room for the Senate to be involved in negotiations over the debt limit, that this has to be worked out between the President and the Speaker. What does the President make of McConnell’s hands-off approach here?
MS. JEAN-PIERRE: I mean, we’ve been very clear. Look, there shouldn’t be negotiations on the debt — on the debt limit. This is something that they should get to regular order and get to work on. We should not have House Republicans manufacturing a crisis on something that has been done 78 times since 1960.
This is their constitutional duty. Congress must act. That’s what the President is going to make very clear with — with the leaders tomorrow.
Congress must avoid default without conditions — without conditions — as they did three times before in the last administration. Re- — Democrats joined Republicans, put their po- — politics aside — Democrats did — and made sure that that occurred, that happened.
So this is — the President is not going to, you know, change course here. We’ve been very, very clear that they need to do — they need to do their job.
Zandi: Debt Limit Fault Lines in the Financial System»
@Markzandi: This would be a good time to batten down the financial hatches. Not because a recession is at hand, it’s not. And not because the banking system is set to unravel, it won’t. It’s because of a politically manufactured crisis around increasing the Treasury debt limit.
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@Markzandi: Unless lawmakers act by early June on the limit, the X-date, the Treasury won’t be able to pay all of the government’s bills on time. Investors are worried that means them too. The yield on 1-month T-bills has surged in recent days as they mature on the other side of the X-date.
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@Markzandi: This fault line in the financial system is set to become an earthquake as the X-date approaches. The stock market is especially vulnerable, as is the corporate bond market. The S&P 500 fell almost 20% during the 2011 debt limit battle. This battle is shaping up to be more serious
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@Markzandi: Indeed, it may well require a sell-off in stocks, bonds and the $ to generate the political will necessary to force lawmakers to come to terms. There will be action only when donors and constituents, angry at their evaporating wealth, pound on lawmakers’ doors.
☑️ #52 May 7, 2023
Yellen: The debt ceiling must be raised to avoid 'economic calamity’ »
@ABCNews: ABC News' George Stephanopoulos interviews Treasury Secretary Janet Yellen on "This Week."
@SenMikeLee: 43 Senate Republicans have signed a letter refusing to advance any bill that raises the debt ceiling without substantive spending and budget reforms. The White House is going to have to come to the table and have real talks with @SpeakerMcCarthy
