The House of Representative passed a one-year extension to the United States’ debt limit on Tuesday evening.
So, we have eleven aircraft carrier groups. No other country in the world has more than one. Everyone who has looked at the issue has agreed that we could do with fewer than eleven
Central banks may have foolish policies, but central bankers are no dummies.
Since the mid-1990s, China and a host of other foreign governments have quietly acquired one-third of all United States public debt. Foreign holders of United States debt held more than $5.6 trillion in Treasury securities as of August 2013.
But continued debt-ceiling drama in the United States is starting to change that.
Senate leaders finally hammered out a debt ceiling deal today (Wednesday) that avoided a looming potential debt default. It also reopened the government that has been shut down for more than two weeks.
While the markets heaved a sigh of relief today (Wednesday) over a last-minute debt ceiling deal to avert a U.S. default, the threat of a downgrade from Fitch Ratings has not gone away.
200 Democrats and 19 Republicans support passing a continuing resolution with no strings attached to re-open government, according to a CNN poll of Congress. With three vacancies among 435 Congressmen, 217 votes is the minimum required to pass the measure. Senate claims it’s close to a deal, but the question is how House Republicans will react – as the shutdown continues into its fifteenth day.
Yesterday (Monday), Money Morning Chief Investment Strategist Keith Fitz-Gerald appeared on FOX Business’ “Varney & Co.”to make projections about what a stalemate on the debt ceiling will do to the market.
With Congress moving like molasses and time running out, more and more Americans are wondering what happens when we hit the debt ceiling.
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The short answer is that it would be bad – as in catastrophically, you’ve-never-seen-anything-like-this-in-your-life bad.
While the stock markets so far have reacted mildly to the government shutdown, the looming Washington fight over the need to raise the federal debt ceiling could lead to a U.S. debt default.
