The two-year suspension of the debt ceiling expires on July 31. To avoid the U.S. defaulting on its debts, Congress must act to either extend the suspension or raise the debt limit. Mike Townsend looks at the history of the debt ceiling, the challenges Congress faces in addressing it, and why procrastination could spark market volatility in the weeks ahead.
Mike also offers an update on the Senate’s two-pronged approach to infrastructure and other spending priorities and the aggressive timeline Senate Majority Leader Schumer has set for getting the bills finished. He also looks at Fed Chair Jerome Powell’s testimony before Congress this week and the growing divide at the Fed over when to begin easing its support for the economy, as well as the SEC’s focus on what constitutes a “green” fund. And he considers what President Biden’s recent executive order on competition means, what industries it impacts, and the timeline for change.
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