From Breakingviews - Economic stability hangs on US love of BBQ
U.S. House Speaker Kevin McCarthy speaks with reporters as he arrives for the day in the midst of ongoing negotiations seeking a deal to raise the United States' debt ceiling and avoid a catastrophic default, at the U.S. Capitol in Washington, U.S. May 24, 2023.
NEW YORK, May 26 - The threat of U.S. default isn’t the only thing bringing lawmakers to the negotiating table. After months of, posturing and volatility, Democrats and Republicans were getting closer on Friday to an agreement that would avoid the world’s largest economy failing to honor its debt – just before the holiday marking the start of summer. That unofficial deadline adds urgency, and also makes it likely that a deal will be no better than just good enough.
an accord to cut the growing deficit. But lawmakers are also ditching Washington ahead of Memorial Day, a U.S. holiday marking the start of warmer months. Any agreement needs to be vetted for 72 hours and then voted upon. And there are only two days after the long weekend until June 1, after which the Treasury has warned it cannot guarantee its obligations will be paid.
The agreement as reported by Reuters would increase the debt ceiling for two years, until after the 2024 presidential election, but leave much unsolved. If the political landscape changes by then,. The fine print on things like non-defense spending, including childcare, cancer research and limits on food assistance programs can still be tweaked, while discussions to raise taxes look to have been sidelined.
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