Markets mostly rose Monday on news that President Joe Biden and House Speaker Kevin McCarthy have reached a deal to lift the US debt ceiling and avoid a calamitous default. ManilaBulletin
After weeks of wrangling, the two announced that an agreement had finally been reached and urged lawmakers on both sides of the aisle to vote for it before the government runs out of cash on June 5.
The bill will suspend the debt ceiling until January 1, 2025, and place curbs on federal spending that will please some Republicans, but it does not deliver the big cuts right-wingers wanted and progressive Democrats would have balked at. Hopes that a deal was in the works lifted all three main indexes on Wall Street on Friday, and Asia picked up the baton Monday.
However, in a sign of the opposition the bill will face, Republican Representative Dan Bishop -- a member of the ultra-conservative House Freedom Caucus -- tweeted a vomit emoji and said McCarthy secured "almost zippo". Observers said investors could now turn their focus back to the economic outlook, although data on Friday gave them further cause for concern.
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