The debt ceiling deal hasn’t been finalized yet, but trading is as safe as it gets. Here are the latest comments from US House Majority Leader Kevin McCarthy.
- We don’t have a deal yet
- The June 5th date doesn’t change things
- We’ll get a debt ceiling deal when it gets right
- It did not concede allowing reform from debt ceiling negotiations
- We firmly believe “All Americans will love the debt ceiling bill.”
- Can meet the June 5th deadline
I don’t doubt there will be more horrors as the details are hammered out but – as I said from the start – the United States will not default and this whole thing is the longest running joke in politics. Here is a poem that captures my feelings with some help from ChatGPT:
In the heart of the nation where the star-spangled flies, a cycle continues under the blue sky. A dance as old as time, with a familiar tone, the story of market fears that seem strange.
Through the halls of power he hears debate, about numbers and numbers, every word. Every few years, when the ceiling approaches, the markets shudder and succumb to fear.
With the debt approaching the strict cap set, the nation holds its breath, bracing for mishap. Bears and bulls in the market, bickering and fighting, in the twilight of a potential default.
From Wall Street to Maine, fears are growing exponentially, as word of doom floods the media. They whisper the word “default,” in chilling fear, but the lessons of history are often left unlearned.
Since 1960, the number has been seventy-eight times, when the nation was in a similar state. Each time, the roof rises again, and the wolf is kicked out the door.
In Congress, they squabble, and the clock is ticking, but at the eleventh hour, an agreement is reached. The ceiling rises, fears subside, the United States pays its dues, and saves the day.
Market impulses settle, sighs of relief, as the nation flees from the grief of default. It’s a dance we’ve danced, over and over, an old way, market men know.
So, as fears rise, and the roof on the horizon, remember the cycle, in the soft moonlight. For though teetering on a precarious precipice, the United States always steps back from the edge.