U.S. President Joe Biden is at odds with Republicans in Congress over raising the $31.4 trillion debt ceiling, a showdown that looms as a risk factor for markets.
on Wednesday said the U.S. Treasury Department will exhaust its ability to pay all its bills sometime between July and September, unless the current cap on borrowing is either raised or suspended.but that hasn't always been the case: a 2011 debt ceiling showdown roiled markets and led to a downgrade Standard & Poor's.** Though months remain for lawmakers to reach an agreement, there are signs stock investors may already be pricing in risk around the debt ceiling debate.
According to Goldman Sachs, while debt limit debates typically have had "limited" impact on the broad market, stocks exposed to government spending have commonly lagged in the weeks prior to the debt ceiling deadline. A basket of such stocks has trailed the S&P 500 by a median of 5 percentage points in the weeks ahead of the four most recent debt limit deadlines, Goldman said in a note late last month.
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