Debt Limit

President Donald Trump endorsed abolishing the federal debt limit, unexpectedly siding with long-time critic Sen. Elizabeth Warren (D-Mass.) as Congress races to keep the government from hitting its $37 trillion borrowing cap. What Happened: Trump on Wednesday urged Congress to "entirely scrap" the...

Sen. Elizabeth Warren (D-Mass.) expressed agreement with President Donald Trump on eliminating the federal debt ceiling while sharply criticizing proposed tax breaks for wealthy Americans amid escalating fiscal concerns. What Happened: Warren shared a video of Trump’s remarks on her X account...

Credit card debt hit a record $1 trillion in America. The average household carries $10,000 on their card - another record It’s nearly impossible to build wealth when you’re paying 20% interest every month. Market Prices as of 4 pm EST, 5/30/23 Macro Today, the House of Representatives...

The U.S. dollar has soared to levels unseen since mid-March, fueled by encouraging progress on the debt ceiling deal and mounting expectations of impending Federal Reserve interest rate hikes. The debt limit deal cleared the major hurdle of the House Rules Committee on Tuesday, in a 7-6...

House Speaker Kevin McCarthy said on Thursday that debt ceiling negotiators "made some progress," but open issues remain. "I don’t think everybody is going to be happy at the end of the day. That’s not how this system works," he added. McCarthy's...

The United States has approximately 168 hours, or exactly one week, until it may be unable to pay its debts if debt ceiling negotiations do not produce a breakthrough. Treasury Secretary Janet Yellen indicated that on June 1 the federal government may not have enough cash on hand to pay...

President Joe Biden will meet House Speaker Kevin McCarthy at 5:30 p.m. ET  Monday to discuss the debt ceiling and attempt to reach a deal as a June 1 goverment default deadline approaches.  Markets are anxiously awaiting evidence of a bipartisan compromise over the...

A group of Democratic Senators plans to urge President Joe Biden to invoke the 14th Amendment in order to address the debt ceiling crisis. A letter has circulated among Democrats in the Senate, indicating rising skepticism about the path of debt ceiling discussions as the June 1 deadline...

The U.S. stock market got off to a shaky start in May. The S&P 500 index, closely tracked by the SPDR S&P 500 Trust ETF (ARCA: SPY), is poised to end its second consecutive week of losses for the first time since mid-February as the debt-limit stalemate weighed on sentiment. As of...

The cost of insurance against the risk of a United States sovereign debt default reached its highest level since 2009 on Tuesday, as the protracted debt-ceiling impasse continued to keep markets on tenterhooks. Spreads on U.S. 5-year credit default swaps, which are market-based...

U.S. Treasury Secretary Janet Yellen warned Monday in a CNBC interview that the U.S. might face financial chaos if Congress does not lift the debt ceiling before June 1, the date when the Treasury could effectively run out of cash.  Yellen is also reaching out to corporate and financial...

U.S. Treasury Secretary Janet Yellen warned Monday afternoon that the government’s debt-limit measures may be exhausted by June 1, meaning the government would be out of funds to keep services such as Social Security running. Yellen called on Congress to raise the debt limit, to ensure...

Former Treasury Secretary Lawrence H. Summers believes the debt limit terror is a very serious threat in the backdrop of the current political scenario. “Debt limit terror is a much more serious risk in the context of rising interest rates, Treasury market illiquidity and increased foreign...

With the Senate's recent approval of the House-passed clean debt limit legislation, now might be a good time to define the debt ceiling (aka “debt limit”). The U.S. Treasury defines the debt limit as “the total amount of money that the United States government is authorized to borrow to meet...

Traders and investors woke up Thursday morning to troubling news out of China. Chinese January HSBC flash PMI declined to 49.6 from a 50.5 in December. The data is re-starting the Chinese slowdown debate and according to Reuters has “reinforced concerns about global growth, especially in...