WASHINGTON—The U.S. Treasury said it can now meet the federal government’s payment obligations after a debt ceiling suspension, following earlier warnings that it would run short of funds on Monday if Congress failed to act. “Now that Congress has acted to suspend the debt limit, Treasury has the tools needed to ensure that the U.S….
US Treasury Can Meet All Obligations After Debt Ceiling Suspension
June 5, 2023
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US Treasury Poised to Unleash $1 Trillion in Bonds After Debt Ceiling Deal
Now that the bipartisan debt ceiling agreement has been signed, sealed, and delivered, the U.S. Treasury is poised to replenish its bank account at the Federal Reserve. According to the Daily Treasury Statement, the Treasury’s cash balance–the Treasury General Account (TGA)–sank below $23 billion on June 1. This was down from the roughly $316 billion…
[Premiering 6/6, 7:30PM ET] David Stockman: Debt Default, the ‘Doomsday Budget Machine,’ and Failed Fiscal Restraint Explained
June 5, 2023
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“For capitalism to work, you have to have effectively functioning, solid capital markets. And in order to do that, you need savings—real savings, not money printed by a central bank, but real savings from businesses and households,” says David Stockman, who served as budget director for President Ronald Reagan. “Back then, the public debt was 30-40…
Investors Should Brace for Debt Ceiling Aftermath
Commentary At the risk of sounding like a market curmudgeon, we must warn that the debt-ceiling deal agreement is a double-edged sword. While the immediate financial risk of a U.S. government default has been averted, a few other consequences resulting from the debt ceiling increase will likely haunt investors and the U.S. economy in the…
Biden Addresses the Nation After Passage of Debt Ceiling Deal: ‘The Stakes Could Not Have Been Higher’
June 2, 2023
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President Joe Biden promoted the recent debt ceiling agreement that prevented a historic U.S. default in his first-ever address to the nation from the Oval Office on June 2. He said he would sign the bill into law on Saturday. Biden began his address by highlighting the significance of the deal he reached with House…
LIVE 6 PM ET: NTD Evening News (June 2): DOJ Closes Mike Pence Classified Documents Probe; At Least 120 Killed in India Train Crash
The Justice Department on June 2 closed its investigation into possible mishandling of classified documents found at former Vice President Mike Pence’s home and will not bring charges. President Joe Biden is scheduled to address the nation at 7 p.m. Eastern Time tonight, regarding the the passage of the debt ceiling bill. It will be…
NTD Evening News (June 2): DOJ Closes Mike Pence Classified Documents Probe; At Least 120 Killed in India Train Crash
The Justice Department on June 2 closed its investigation into possible mishandling of classified documents found at former Vice President Mike Pence’s home and will not bring charges. President Joe Biden is scheduled to address the nation at 7 p.m. Eastern Time Friday night regarding the passage of the debt ceiling bill. It will be…
Senators Look to Bypass Defense Spending Caps in Debt Ceiling Bill
The debt ceiling bill came under fire from both Democrat and Republican parties for a variety of reasons. One reason cited by some in the GOP was the top line in defense spending. The bill—negotiated between House Speaker Kevin McCarthy (R-Calif.) and President Joe Biden last weekend and passed overwhelmingly in the House on May…
Speaker Kevin McCarthy’s Strategic Victory
Commentary The great debt ceiling negotiation of 2023 is over. People will argue over how much the House Republicans got and how much President Joe Biden got in the final details of the legislation. What people cannot refute is the narrow House Republican majority’s historic achievement of leading the debate in a city dominated by…
What’s Next After Senate Passes Debt Ceiling Bill
The U.S. Senate passed the debt ceiling agreement—the Fiscal Responsibility Act—with a vote of 63-36, preventing the nation’s first-ever default. The bill will now head to President Joe Biden’s desk for signing. The agreement, crafted by Biden, House Speaker Kevin McCarthy (R-Calif.), and their teams of negotiators, suspends the debt limit through Jan. 1, 2025,…
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