Debt Ceiling Update
Congress will attempt to strike a deal with the White House to raise the debt ceiling after the U.S. hit its $31.4 trillion borrowing limit last week. House Republicans want a deal that includes spending cuts before raising the debt ceiling, but the White House says that meeting the country’s spending obligations should be non-negotiable. President Biden agreed to talk to Speaker McCarthy, however no date has been set for that meeting. The Treasury Department expects its remaining cash and extraordinary measures will stretch funds through sometime in early June. If the stalemate continues, Washington and Wall Street in the coming months will try to determine a deadline for a deal when the U.S. will be unable to meet all its financial obligations.