A Congressional vote on raising the United States Debt Ceiling could come as early as Wednesday after the House Republican Leadership and the White House announced a deal over the weekend.
Democratic President Joe Biden and Republican House Speaker Kevin McCarthy reached an agreement on Sunday on a deal to raise the nation’s $31.4 trillion borrowing limit in return for some caps on government spending and other policy changes.
With the leadership of both parties appearing to find each other over the weekend, the concern is now about keeping both the Republican and Democratic caucuses in line – with Biden calling it an important step forward. The positive sentiment echoed by the Top Congressional Republican. House of Representatives Speaker Kevin Mccarthy says, “After weeks of negotiations, we have come to an agreement in principle. We still have a lot of work to do, but I believe this is an agreement in principle that’s worthy of the American people.
As financial analysts keep a close eye on progress in Washington, Winthrop Capital Markets Adam Coons says, “Just because you miss a payment doesn’t mean that you’re not going to pay the entire thing. And so I think it’s important for investors to remember that a missed payment doesn’t mean that you’re not going to get your money back. You will. So, that’s the first thing that we’re just putting investors at ease, that this is not the apocalypse.
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