Charade debt ceiling everywhere.
It was the 79th time it has been raised since 1960 and the US still hasn’t defaulted. Remember that next time.
The United States averted a major economic crisis by raising its debt ceiling as part of a new two-year budget agreement that mirrors the structure of the previous three such deals. The agreement keeps non-defense spending roughly flat for the current fiscal year and 2024 and removes budget caps after 2025.
The spending levels reached mirror those negotiated by the Biden administration at the end of the last calendar year, thus averting a potentially catastrophic 22% cut in non-defense discretionary priorities and a set of caps for a decade. The budget deal includes full funding for Medicare for veterans and raises funding for the Toxic Exposure Fund to the 2024 level.
Despite Republican requests, the agreement does not include any amendments to Medicaid. However, it is amending the time limits for SNAP assistance (food stamps), phasing them out and then closing them to recipients up to age 54. In addition, reforms are being introduced to reduce the number of at-risk people of all ages subject to time limits.
the economic inflation
economic inflation
Inflation is defined as a quantitative measure of the rate at which the average price level of goods and services in an economy or a country increases over a period of time. It is the rise in the general price level where you actually buy a particular currency less than it was in previous periods. In terms of evaluating strength or currencies, and therefore foreign currencies, inflation or its measures are very impressive. Inflation stems from the general creation of money. This money m
Inflation is defined as a quantitative measure of the rate at which the average price level of goods and services in an economy or a country increases over a period of time. It is the rise in the general price level where you actually buy a particular currency less than it was in previous periods. In terms of evaluating strength or currencies, and therefore foreign currencies, inflation or its measures are very influential. Inflation stems from the general creation of money. This money m
Read this term Reduction Act funding remains in place for the Clean Energy for Low-Income Americans and Clean Up Pollution funds. As the US Supreme Court is hearing a large student debt case, appeals for student loan payments have been put on hold.
The agreement contains some conditions for low-income Americans, including the introduction of additional work requirements. There is uncertainty about IRS funding, but House Minority Leader Kevin McCarthy announced that there are no new taxes or programs in the deal. He praised it as achieving “historic spending cuts”.
They call it an “agreement in principle,” so there’s always the possibility that some apostate could derail it, but here are the key points:
- It keeps non-defense spending roughly flat for the current fiscal year and 2024
- The structure of the two-year US budget deal is consistent with agreements reached during the last three debt reduction battles
- There are no budget limits after 2025
- The agreed spending levels mirror what the Biden supervisor negotiated at the end of the last calendar year
- Avoids 22% non-defective discretionary priorities and 10-year caps
- It fully funds Veterans Medicare and increases funding for the Toxic Exposure Fund above the 2024 level
- It does not include any changes to Medicaid that Republicans had sought
- The phases in Then Sunset SNAP (Food Stamp) help set time limits for people up to the age of 54
- Also includes fixes that reduce the number of vulnerable people of all ages subject to time constraints
- The Inflation Reduction Act funding for Clean Energy Funds for Low-Income Americans and Cleanup Pollution funds was retained
- Student loan payments will not be resumed while the student debt case is heard by the US Supreme Court
- Includes some additional work requirements for the poor
- It is not clear if the IRS funding has been cut
- McCarthy says there are no new taxes or programs in the deal and that it has ‘historic spending cuts’
I can’t see anything here that would move the markets. bitcoin
bitcoin
Bitcoin is the largest and first digital currency in the world that was launched in the year 2009 by the entity Satoshi Nakamoto. Being a digital currency, the defining characteristic of Bitcoin is that it operates without a single central bank or administrator. Alternatively, Bitcoin can instead be sent via peer-to-peer (P2P) networks, which themselves are absent of any intermediaries. Rather than being a physical currency, Bitcoin represents pieces of digital code that can be sent and received via some type of distribution. Ledger
Bitcoin is the largest and first digital currency in the world that was launched in the year 2009 by the entity Satoshi Nakamoto. Being a digital currency, the defining characteristic of Bitcoin is that it operates without a single central bank or administrator. Alternatively, Bitcoin can instead be sent via peer-to-peer (P2P) networks, which themselves are absent of any intermediaries. Rather than being a physical currency, Bitcoin represents pieces of digital code that can be sent and received via some type of distribution. Ledger
Read this term It rose about $300 after the trade so I would take that as a “risk on” sign for the markets but the trade should have been pretty much priced in before the weekend.