May 24, 2023 | Daily JAM, Morning Briefing |
This reporting from the Washington Post this morning makes me very pessimistic about any debt ceiling deal until after the first checks DON’T go out on June 1 or whenever. “During a closed meeting Tuesday morning at a GOP hangout a block from the U.S. Capitol,” the Post reported “House Speaker Kevin McCarthy (R-Calif.) made a pointed plea: Do not break ranks over the debt ceiling crisis. Ahead of another round of negotiations with the White House, McCarthy told Republicans they had the upper hand in the discussions and encouraged his members to show their support for colleagues facing tough reelection bids next year as a sign of unity, according to two people in attendance, who spoke on the condition of anonymity to describe the private talk. McCarthy urged members to make sure vulnerable lawmakers would have plenty of campaign money from GOP coffers — even pledging that they would not be outraised by their opponents in the 2024 election cycle.”
May 13, 2023 | Daily JAM |
If you believe in the gods of the financial marketplace, it looks like they’ve arranged things so that investors and traders have the maximum opportunity to worry about the dangers of a U.S. default.
I’m actually somewhat more optimistic today, Saturday, May 13, than I was on Friday that Congress will pass a debt ceiling bill before the United States goes into default.. The decision to postpone talks between President Joe Biden and congressional leaders scheduled for Friday to next week actually strikes me as good news. It’s a sign that the staffs of the two sides are talking in an attempt to brainstorm a solution. And staffers are more likely than the politician themselves to come up with a pragmatic, cynical, short-term solution. I think we’re still in for two or three weeks of on-the-brink news and market volatility, but I think the odds are good that a short-term solution will emerge before we’re too far into June.
The “solution” will amount to kicking the problem down the road
July 21, 2021 | Daily JAM |
Yep, it’s debt ceiling time again. The temporary extension of the limit on U.S. debt expires this month and the Congressional Budget Office projects that unless Congress raises the debt ceiling–the limit on how much the government can borrow–the U.S. will run a risk of defaulting on its debt obligations in October or November
September 6, 2017 | Daily JAM, Morning Briefing, Volatility, You Might Have Missed |
Please extend the greeting of your choice to the U.S. Congress, back in “action” today after a long August recess. This morning Democrats said they would vote for disaster relief for victims of Hurricane Harvey if Republicans attached the measure to a three-month extension of the debt-ceiling. If Congress doesn’t raise the ceiling on the amount of debt that the U.S. Treasury can sell, the government will not be able to pay at least some of its bills after September 29. House Speaker Paul Ryan ridiculed the proposal
August 9, 2017 | Daily JAM, Volatility |
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May 25, 2017 | Daily JAM, Mid Term, You Might Have Missed |
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October 24, 2015 | Uncategorized |
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October 15, 2013 | Daily JAM |
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October 15, 2013 | Daily JAM, Morning Briefing |
Republican leadership in the House of Representatives has one more chance to tank global financial markets. And they seem to be determined to make the most of it. After emphatically rejecting the Senate plan put together on the basis of Republican Senator Susan Collins’ (Maine) proposal, this morning the Republican leadership pulled its own plan apparently because of intense opposition from Tea Party Republicans.
October 14, 2013 | Daily JAM, Morning Briefing |
The odds now heavily favor a deal in the Senate that would raise the U.S. debt ceiling and end the government shutdown. Such a deal might even pass the chamber tomorrow. (There’s a very outside chance for action today.) And then, of course, all eyes will be on the House of Representatives
October 14, 2013 | Daily JAM |
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October 10, 2013 | Daily JAM, Morning Briefing, Short Term |
The New York Times and Reuters are reporting at 6 p.m. ET that President Barack Obama has rejected a proposal from Republican leaders of the House to raise the debt limit for six weeks in exchange for a promise that the two sides would sit down to work out a comprehensive budget deal. The White House rejected the plan, the Times is reporting, because it would not end the shutdown of the Federal government.
