Lucky03
2021-10-08
Just delaying the problem.
Senate Raises the Debt Limit. Default Could Loom Again in Early December.
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Default Could Loom Again in Early December.","url":"https://stock-news.laohu8.com/highlight/detail?id=1167430707","media":"Barrons","summary":"A Senate deeply divided over spending raised the debt ceiling late Thursday and avoided—at least for","content":"<p>A Senate deeply divided over spending raised the debt ceiling late Thursday and avoided—at least for a short time—a government default.</p>\n<p>The vote, along party lines, came after a handful of Republicans went on the floor to complain about the size of the debt—roughly $29 trillion—and the lack of political will on both sides of the aisle to stop the spending.</p>\n<p>The measure, which now goes to the Democrat-controlled House and then to President Joe Biden for his signature, increases the borrowing limit by $480 billion, enough to pay the country’s bills through early December.</p>\n<p>“We have to come up with a way to address our debt, balance our budget…,” Sen. Cynthia Lummis (R-Wyo.) told the chamber. “We have to contain these massive interest payments. There’s plenty of blame to go around.”</p>\n<p>Texas Republican Ted Cruz talked about taxpayers. “There are generations of Americans that this body is irresponsibly drowning in debt.” he said. “Why are we bankrupting our kids and grandkids?”</p>\n<p>Cruz spent a good deal of time on the $3.5 trillion that Democrats want to spend on social programs.</p>\n<p>“Biden is playing a game of political brinksmanship because he wants to browbeat Republicans into help hiding the massive spending debt,” he said.</p>\n<p>Just before the vote, Senate Majority Leader Chuck Schumer came to the podium. He took Republicans to task.</p>\n<p>“The Republicans insisted they wanted a solution to the debt ceiling, but Democrats must raise it alone,” Schumer said. “I thank my Democratic colleagues for solving this Republican-manufactured crisis. This is a temporary but important fix.”</p>\n<p>The Senate acted with less than two weeks before the country would have run out of money and defaulted. At a hearing in late September, Treasury Secretary Janet Yellow told the Senate Banking Committee that the government was on track to default on Oct. 18.</p>\n<p>Democrats and Republicans have sparred over the best way to address the debt ceiling for weeks. Republicans had refused to raise the borrowing limit unless Democrats kill Biden’s $3.5 trillion social spending bill.</p>\n<p>Senate Minority Leader Mitch McConnell stood firm that Republicans won’t support raising the debt ceiling. Then, on Wednesday, the Kentucky Republican did an about-face.</p>\n<p>McConnell had promised to block any borrowing bill put forward by Democrats while the social spending bill was being considered. Republicans said Democrats should raise the limit through a party-line reconciliation process—the same approach Democrats are taking to pass Biden’s social spending bill.</p>\n<p>The minority leader said Thursday’s stopgap measure would give Democrats “enough time to pass standalone debt limit legislation through reconciliation.”</p>\n<p>Both Senate Majority Leader Chuck Schumer (D-N.Y.) and House Speaker Nancy Pelosi (D-Calif.) said they wanted to raise the debt limit on a bipartisan basis. They opposed using reconciliation to raise the limit, calling the legislative tool complex and time-consuming.</p>\n<p>Using the reconciliation process may be one of the only ways to avoid another showdown in December over the debt ceiling. “If the Democrats accept McConnell’s proposition, it seems that this would be under the guise they will suspend the debt ceiling more permanently via reconciliation,” wrote Morgan Stanley analyst Kelcie Gerson.</p>\n<p>Markets had reacted positively to the news that an agreement had been reached. The Dow Jones Industrial Average was up 1.5% Thursday midday, the S&P 500 was 1.4% higher, and the Nasdaq Composite climbed 1.6%. Yields on U.S. Treasury bills maturing in October fell to less than 0.06%, down from recent highs of 0.14%. [MS-TK Markets]</p>\n<p>“A lot of the pullbacks that we’ve seen, or the volatility that we have seen over the last two weeks was more related to Washington D.C. than people really prognosticated,” said David Wagner, portfolio manager at Aptus Capital Advisors in a phone interview. “That really shows with today’s performance.”</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Senate Raises the Debt Limit. 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Default Could Loom Again in Early December.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-08 14:30 GMT+8 <a href=https://www.barrons.com/articles/democrats-debt-ceiling-default-deal-51633612442?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A Senate deeply divided over spending raised the debt ceiling late Thursday and avoided—at least for a short time—a government default.\nThe vote, along party lines, came after a handful of Republicans...</p>\n\n<a href=\"https://www.barrons.com/articles/democrats-debt-ceiling-default-deal-51633612442?mod=hp_LATEST\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/democrats-debt-ceiling-default-deal-51633612442?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167430707","content_text":"A Senate deeply divided over spending raised the debt ceiling late Thursday and avoided—at least for a short time—a government default.\nThe vote, along party lines, came after a handful of Republicans went on the floor to complain about the size of the debt—roughly $29 trillion—and the lack of political will on both sides of the aisle to stop the spending.\nThe measure, which now goes to the Democrat-controlled House and then to President Joe Biden for his signature, increases the borrowing limit by $480 billion, enough to pay the country’s bills through early December.\n“We have to come up with a way to address our debt, balance our budget…,” Sen. Cynthia Lummis (R-Wyo.) told the chamber. “We have to contain these massive interest payments. There’s plenty of blame to go around.”\nTexas Republican Ted Cruz talked about taxpayers. “There are generations of Americans that this body is irresponsibly drowning in debt.” he said. “Why are we bankrupting our kids and grandkids?”\nCruz spent a good deal of time on the $3.5 trillion that Democrats want to spend on social programs.\n“Biden is playing a game of political brinksmanship because he wants to browbeat Republicans into help hiding the massive spending debt,” he said.\nJust before the vote, Senate Majority Leader Chuck Schumer came to the podium. He took Republicans to task.\n“The Republicans insisted they wanted a solution to the debt ceiling, but Democrats must raise it alone,” Schumer said. “I thank my Democratic colleagues for solving this Republican-manufactured crisis. This is a temporary but important fix.”\nThe Senate acted with less than two weeks before the country would have run out of money and defaulted. At a hearing in late September, Treasury Secretary Janet Yellow told the Senate Banking Committee that the government was on track to default on Oct. 18.\nDemocrats and Republicans have sparred over the best way to address the debt ceiling for weeks. Republicans had refused to raise the borrowing limit unless Democrats kill Biden’s $3.5 trillion social spending bill.\nSenate Minority Leader Mitch McConnell stood firm that Republicans won’t support raising the debt ceiling. Then, on Wednesday, the Kentucky Republican did an about-face.\nMcConnell had promised to block any borrowing bill put forward by Democrats while the social spending bill was being considered. Republicans said Democrats should raise the limit through a party-line reconciliation process—the same approach Democrats are taking to pass Biden’s social spending bill.\nThe minority leader said Thursday’s stopgap measure would give Democrats “enough time to pass standalone debt limit legislation through reconciliation.”\nBoth Senate Majority Leader Chuck Schumer (D-N.Y.) and House Speaker Nancy Pelosi (D-Calif.) said they wanted to raise the debt limit on a bipartisan basis. They opposed using reconciliation to raise the limit, calling the legislative tool complex and time-consuming.\nUsing the reconciliation process may be one of the only ways to avoid another showdown in December over the debt ceiling. “If the Democrats accept McConnell’s proposition, it seems that this would be under the guise they will suspend the debt ceiling more permanently via reconciliation,” wrote Morgan Stanley analyst Kelcie Gerson.\nMarkets had reacted positively to the news that an agreement had been reached. The Dow Jones Industrial Average was up 1.5% Thursday midday, the S&P 500 was 1.4% higher, and the Nasdaq Composite climbed 1.6%. Yields on U.S. Treasury bills maturing in October fell to less than 0.06%, down from recent highs of 0.14%. [MS-TK Markets]\n“A lot of the pullbacks that we’ve seen, or the volatility that we have seen over the last two weeks was more related to Washington D.C. than people really prognosticated,” said David Wagner, portfolio manager at Aptus Capital Advisors in a phone interview. “That really shows with today’s performance.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":290,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["JE"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":23,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/821084977"}
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