Key takeaways
- There’s an agreement in principle in place between President Biden and Speaker McCarthy
- Neither Republicans or Democrats are happy – the deal needs to pass through the Congress and the Senate, so it’s not set in stone
- The markets are surprisingly blasé about the crisis, futures are all up on Tuesday morning
The debt ceiling crisis is nearly over, but we’re not out of the woods yet. It wasn’t a restful long weekend for President Biden and Speaker McCarthy, as the two hammered out the final details on the debt-ceiling deal and have tentatively reached an agreement in principle.
The problem now is that the deal needs to pass both Congress and the Senate, with neither side happy at the end result. They may need to swallow their pride for the good of the global economy, which would end up tanking if the U.S. was to do the unthinkable and default for the first time ever. Let’s get into the details.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased