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McCarthy called the bill the "most conservative deal we've ever had." The pair, Representatives Chip Roy and Ralph Norman, said they may vote against it if it is not changed to their liking. "I think it's important to keep in mind the debt limit bill itself does not spend money," he wrote on Twitter. A successful vote there would set up a vote by the full House on Wednesday. The debt-ceiling standoff prompted ratings agencies to warn that they might downgrade U.S. debt, which underpins the global financial system.

Persons: Joe Biden, Kevin McCarthy, Calif, Jacquelyn Martin, McCarthy, we've, Chip Roy, Ralph Norman, Roy, MASSIE, Thomas Massie, Biden, Hakeem Jeffries, Jeffries, Republican Mike Lee, White, Moira Warburton, David Morgan, Richard Cowan, Gram Slattery, Andy Sullivan, Scott Malone, Matthew Lewis, Mark Porter Organizations: Capitol, WASHINGTON, Republican, Democratic, U.S . Treasury Department, Republicans, Twitter, Top, Internal Revenue Service, Thomson Locations: Washington

☆ Dollar eases as deal over US debt ceiling lifts risk appetite
▼ + stars: | 2023-05-30 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

A handful of hard-right Republican lawmakers said on Monday they would oppose a deal to raise the United States' $31.4 trillion debt ceiling. "Still, a higher debt ceiling and some reduction in spending in the FY24 budget are the middle ground." "Outside of any volatility generated by the debt ceiling issues, expectations for Fed rate hikes are likely to keep the dollar bid in the near term." Longer-dated U.S. Treasuries rallied in Asia on Tuesday on the debt ceiling deal. Until then, higher U.S. Treasury yields and weak expectations for BoJ tightening can push USD/JPY higher."

☆ Europe markets mixed as U.S. lawmakers prepare for debt ceiling vote
▼ + stars: | 2023-05-30 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The pan-European Stoxx 600 index was up 0.04% by 9 a.m. in London, though the U.K.'s FTSE 100 and France's CAC 40 were both lower. Sectors were mixed, with food and beverage stocks down 0.8% and utilities up 0.77%. European stock markets were choppy early Tuesday, with attention on the latest U.S. debt ceiling developments. A group of Republican lawmakers on the party's hard right said Monday they would oppose the deal reached by President Joe Biden and House Speaker Republican Kevin McCarthy over the weekend. They need to find the votes, this might trigger the attention of the markets for a couple of days," Cavarero said.

☆ Dollar eases as deal over U.S. debt ceiling lifts risk appetite
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: +3 min

Florida Governor Ron DeSantis, a candidate for the Republican 2024 presidential nomination, said the deal does not do enough to change the fiscal trajectory. "After this deal, our country will still be careening toward bankruptcy," he said on Fox News. There's no question about that," said Republican Representative Dusty Johnson, who said he had talked to dozens of fellow lawmakers. Some $4 trillion in debt for - at best - a two-year spending freeze and no serious substantive policy reforms," Roy wrote on Twitter. McCarthy has predicted it will draw the support of most of his fellow Republicans, who control the House 222-213.

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 26, 2023. U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal on Saturday to raise the federal government's $31.4 trillion debt ceiling, aiming to stop the U.S. from defaulting on its debt. The deal is expected to provide only short-term relief for markets, as worries linger about inflation and further rate increases. European stock indexes initially opened higher, then faltered, with Europe's STOXX 600 down 0.1% on the day (.STOXX). If the debt ceiling deal passes through Congress, then market attention will return to the U.S. Federal Reserve's plans for rates, according to Samy Chaar, chief economist at Lombard Odier.

☆ Explainer: What is the U.S. debt ceiling?
▼ + stars: | 2023-05-29 | by ( Jason Lange | ) www.reuters.com time to read: +4 min

WHEN WAS THE DEBT CEILING REACHED? IS THE DEBT CEILING GOOD FOR ANYTHING? Few counties in the world have debt ceiling laws and Washington's periodic lifting of the borrowing limit merely allows it to pay for spending Congress has already authorized. Others argue the debt ceiling itself violates the U.S. Constitution. In a 2011 showdown, House Republicans successfully used the debt ceiling to extract sharp limits on discretionary spending from Democratic President Barack Obama.

☆ Poor GenXers without dependents targeted by debt ceiling work requirements
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

The deal targets recipients of the Supplementary Nutrition Program, or SNAP, between the ages of 50 and 54, adding new requirements that they work 20 hours a week to receive the aid. Previously, work requirements to receive SNAP ended at age 50. People who have dependents, including children under age 18 or elderly people who rely on them, or people with disabilities, are already exempt from these work requirements, and will remain so. Republicans argue that the work requirements encourage people to get back to work. However, hundreds of thousands of GenXers living below or near the poverty line are likely to be impacted by the new work requirements.

☆ Republicans speak out against U.S. debt-ceiling deal, in sign of rocky road ahead
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +5 min

Florida Governor Ron DeSantis, a candidate for the Republican 2024 presidential nomination, said the deal does not do enough to change the fiscal trajectory. "After this deal, our country will still be careening toward bankruptcy," he said on Fox News. There's no question about that," said Republican Representative Dusty Johnson, who said he had talked to dozens of fellow lawmakers. McCarthy has predicted it will draw the support of most of his fellow Republicans, who control the House 222-213. Most of the savings would come by capping spending on domestic programs like housing, border control, scientific research and other forms of "discretionary" spending.

☆ Explainer: US debt ceiling deal's winding road to passage in Congress
▼ + stars: | 2023-05-28 | by ( Richard Cowan | ) www.reuters.com time to read: +4 min

Then, McCarthy has vowed to give House members 72 hours to read it, and passage through the House and Senate will each take several more days. House Democrats have backed this idea but could not succeed unless enough of the Republican majority joined them. SENATE FOLLOWSIf passed by the House, the legislation goes to the Senate where Democrats hold a 51-49 majority over Republicans. If there were to be a 50-50 tie in the Senate, Vice President Kamala Harris can cast the vote to win 51-50 passage. Upon passage by the House and Senate, the deal would go to the White House for Biden to sign into law.

May 28 (Reuters) - Good news of a tentative deal for the U.S. debt ceiling impasse may quickly turn out to be bad news for financial markets. "That's where the debt ceiling matters." In that case, "the impact on broader financial markets would likely be relatively muted," Daniel Krieter, director of fixed income strategy, BMO Capital Markets, said in a report. Some bankers said they fear financial markets may not have accounted for the risk of a liquidity drain from banks' reserves. Bankers put it to hope that the debt ceiling impasse would be resolved without significant dislocation to markets, but warn that's a risky strategy.

WASHINGTON, May 27 (Reuters) - U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal to suspend the federal government's $31.4 trillion debt ceiling on Saturday evening, ending a months-long stalemate. Biden and McCarthy held a 90-minute phone call earlier on Saturday evening to discuss the deal, McCarthy briefed his members later in the evening, and the White House and the House leader spoke afterward. [1/6] General view of the U.S. Capitol after U.S. House Speaker Kevin McCarthy (R-CA) reached a tentative deal with President Joe Biden to raise the United States' debt ceiling and avoid a catastrophic default, in Washington, U.S. May 27, 2023. The long standoff on raising the debt ceiling spooked financial markets, weighing on stocks and forcing the United States to pay record-high interest rates in some bond sales. The work to raise the debt ceiling is far from done.

☆ ANALYST VIEW Investors react to tentative US debt ceiling deal
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +3 min

Where there were the most distortions from the uncertainty was in the credit markets and in the Treasury bill market... And so, I think Treasury bond yields will stay high for a while that supply is absorbed. "As far as the dollar goes, I'm inclined to think that it could strengthen the dollar a little bit because it will weaken the argument for de-dollarization. But not by much just a little bit more, because the dollar has already strengthened in the last few weeks quite a bit." Or whether those matters are going also going to be resolved with a long-term deal.

☆ Reaction: Biden, McCarthy debt ceiling deal
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: +4 min

WASHINGTON, May 27 (Reuters) - U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling, ending a months-long stalemate. DEMOCRATIC REPRESENTATIVE TED LIU"Tonight, I have been informed that there is an agreement in principle between the White House and House Republicans. This was a House Republican manufactured crisis. REPUBLICAN REPRESENTATIVE BOB GOOD "I am hearing the 'deal' is for a $4 trillion increase in the debt limit. "If we didn't reach a deal … the average American person would clearly see a hit ... we had to reach some kind of conclusion here."

☆ Breakingviews: Biden gives little, gets less in debt ceiling deal
▼ + stars: | 2023-05-28 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

WASHINGTON, May 28 (Reuters Breakingviews) - For President Joe Biden, a debt-ceiling victory comes with a bittersweet taste. The White House and top congressional Republican Kevin McCarthy reached a tentative deal for lifting the government’s borrowing limit on Saturday night. After months of negotiation, Biden and McCarthy reached an agreement just nine days before U.S. Treasury Secretary Janet Yellen said the country was expected to run out of cash. The deal lifts the debt ceiling about $4 trillion from its current level of $31.4 trillion, extending the government’s borrowing power for two more years. Follow @BenWinck on TwitterCONTEXT NEWSThe Biden administration and top congressional Republican Kevin McCarthy reached an agreement in principle on May 27 for raising the U.S. government’s debt ceiling.

However just ahead of the expected call between Biden and McCarthy, Republican deal negotiator Patrick McHenry told reporters "major disagreement" remained between his party and Biden's Democrats. That's what we've offered with our approach to raising the debt ceiling, with work requirements for able bodied folks to get back in the workforce. The two sides have tentatively reached an agreement that would raise the debt ceiling by enough to cover the country's borrowing needs through the November 2024 presidential election. Republican Representative Dan Bishop reacted with anger to the idea of extending the debt ceiling through the next presidential election. A failure by Congress to raise its self-imposed debt ceiling before June 5 could trigger a default that would shake financial markets and send the United States into a deep recession.

The two sides have tentatively reached an agreement that would raise the debt ceiling by enough to cover the country's borrowing needs through the November 2024 presidential election. It would boost spending on the military and veterans' care, and cap spending for many discretionary domestic programs, according to sources familiar with the talks. McCarthy said Republicans were also still pushing for reforms to energy permitting, including making it easier to drill for gas and oil. Republican Representative Dan Bishop reacted with anger to the idea of extending the debt ceiling through the next presidential election. A failure by Congress to raise its self-imposed debt ceiling before June 5 could trigger a default that would shake financial markets and send the United States into a deep recession.

☆ Biden and McCarthy reportedly have agreed to debt ceiling deal
▼ + stars: | 2023-05-27 | by ( ) www.cnbc.com time to read: +4 min

Speaker of the House Kevin McCarthy, R-Calif., talks with reporters about the debt ceiling negotiations in the U.S. Capitol's Statuary Hall on Wednesday, May 24, 2023. U.S. President Joe Biden and top congressional Republican Kevin McCarthy have reached a deal to raise the federal government's $31.4 trillion debt ceiling, ending a months-long stalemate, Punchbowl News reported on Saturday. "House Republicans have an agreement in principle with the White House on a debt-limit deal. Exact details of the final deal were not immediately available, but negotiators have agreed to cap non-defense discretionary spending at 2023 levels for two years, in exchange for a debt ceiling increase over a similar period, sources told Reuters earlier. McCarthy has vowed to give House members 72 hours to read the legislation before bringing it to the floor for a vote.

Persons: Kevin McCarthy, Joe Biden, Biden, McCarthy Organizations: Punchbowl News, Republicans, White, Twitter, Treasury Department, Internal Revenue Service, Reuters, Democratic, Republican, Congress, Democrat Locations: U.S, United States, Washington

☆ Dollar set for third week of gains as US debt talks loom large
▼ + stars: | 2023-05-26 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar index — which tracks the greenback against six major counterparts — was last down 0.05% on the day at 104.20, just off Thursday's two-month high of 104.31. The dollar edged away from a six-month high against the yen and last stood at 139.67, having reached 140.23 yen in the previous session, its highest since November. The euro and British pound regained some ground, but were struggling to recoup recent losses against the dollar. The single currency was last up 0.07% against the dollar at $1.0727, but was not far from its two-month low of $1.0708 hit in the previous session. Sterling gained 0.23% to $1.2349, after data showed British consumers picked up spending in April, although the currency was still heading for a weekly loss.

Persons: Joe Biden, Kevin McCarthy, MUFG, —, Carol Kong, Boris Vujcic, Sterling Organizations: U.S, Wall, Federal Reserve, Fed, Commonwealth Bank of Australia, British, European Central Bank Locations: U.S, Washington, Croatian

☆ Oil falls as Russia downplays additional OPEC+ cuts
▼ + stars: | 2023-05-25 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack pulls oil from the Permian Basin oil field on March 14, 2022 in Odessa, Texas. Oil prices fell on Thursday after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week. In the previous session, oil prices were supported by a warning from Saudi Arabia's energy minister that short-sellers betting oil prices will fall should "watch out" for pain. U.S. crude inventories fell by 12.5 million barrels to 455.2 million barrels as imports declined. Gasoline inventories dropped by 2.1 million barrels in the week to 216.3 million barrels, the EIA said, while distillate stockpiles fell by 600,000 barrels to 105.7 million barrels.

Persons: Alexander Novak, Novak, MUFG, Kevin McCarthy, Joe Biden Organizations: Brent, . West Texas, Organization of Petroleum Exporting, Democratic, White, Energy, Administration, EIA Locations: Odessa , Texas, Saudi, Russia, OPEC, .

☆ Gold hits 2-month low on debt talks progress, rate hike bets
▼ + stars: | 2023-05-25 | by ( ) www.cnbc.com time to read: +2 min

A one kilogram gold bar sits on top of silver bars at London bullion dealers Gold Investments in London, United Kingdom, on April 4, 2013. Gold slid to its lowest in two months on Thursday as optimism around the U.S. debt ceiling talks lowered safe-haven demand for bullion and robust economic data fueled bets of another rate hike by the Federal Reserve. Spot gold was 0.6% down at $1,944.45 per ounce, having hit its lowest since March 22. White House and Republican negotiators made some progress in late-night talks over raising the debt ceiling, top congressional Republican Kevin McCarthy said. "A rather impressive round of economic data suggests this economy is still showing so much resilience ... the argument for possibly delivering another rate hike is gaining steam here," Moya added.

Persons: Gold, Kevin McCarthy, Edward Moya, Moya, Ross Norman Organizations: London, Investments, Federal Reserve, White House, Republican, OANDA, Fed Locations: London, United Kingdom

☆ Data lifts dollar, euro soft as Germany enters recession
▼ + stars: | 2023-05-25 | by ( ) www.cnbc.com time to read: +3 min

The dollar rose for a fourth straight session on Thursday against a basket of major peers to hit a fresh two-month high, as U.S. economic data signaled resilience even after the Federal Reserve's aggressive rate hike cycle. In contrast the German economy, Europe's largest, was in recession in the first quarter as GDP fell 0.3%, sending the euro lower. The dollar index rose 0.27% at 104.100 after hitting 104.27, its highest since March 17. Boston Federal Reserve President Susan Collins said on Thursday the time may be at hand for the U.S. central bank to pause its rate hike cycle. Worries about a potential U.S. default supported the dollar as talks continue in Washington to raise the $31.4 trillion debt ceiling.

Persons: Joe Manimbo, CME's, Susan Collins, Fitch, DBRS Morningstar, Kevin McCarthy, Sterling Organizations: Washington DC, Fed, Boston Federal, U.S, Treasury, AAA, White House, Republican Locations: Brest, France, U.S, Washington, United States

☆ Gold slips as dollar advances with US debt talks dragging on
▼ + stars: | 2023-05-24 | by ( ) www.cnbc.com time to read: +2 min

Gold slipped as the dollar firmed, cutting some safe- haven flows into bullion from the looming risk of a U.S. debt default as talks entered a critical stretch. "Overwhelmingly, the debt ceiling headlines are at play.... Gold gained in the previous session "despite headwinds from a rising broad dollar, which reveals notable demand behind the scenes." Wall Street's main indexes opened lower as the debt ceiling impasse kept investors on edge. If regional U.S. banking troubles were to subside and agreement reached over the debt ceiling, gold could fall further, said Edward Gardner, commodities economist at Capital Economics.

Persons: Gold, Joe Biden, Kevin McCarthy, Daniel Ghali, TD Securities . Gold, Edward Gardner, Bullion Organizations: Democratic, TD Securities ., Capital Economics Locations: Moscow, U.S

Biden said he would speak to top congressional Republican Kevin McCarthy on his flight home and hoped the speaker of the House of Representatives had been waiting to negotiate with Biden directly. McCarthy, in an interview on Fox News, said he expected to speak with Biden later on Sunday morning. A source familiar with the negotiations said Republicans had proposed an increase in defense spending, while cutting overall spending. The source said the Biden administration had proposed keeping non-defense discretionary spending flat for the next year. Biden stressed that he was open to making spending cuts and said he was not concerned they would lead to a recession, but he could not agree to Republican demands.

WASHINGTON, May 21 (Reuters) - U.S. Treasury Secretary Janet Yellen on Sunday said June 1 remains a "hard deadline" for raising the federal debt limit, with the odds quite low that the government will collect enough revenue to bridge to June 15, when more tax receipts are due. Yellen, speaking on NBC's "Meet the Press" program, said there would be hard choices to make about payments to Americans if Congress failed to raise the $31.4 trillion debt ceiling before Treasury ran out of cash and was forced to default. So I think that that's a hard deadline," she said. U.S. President Joe Biden on Sunday called Republicans' latest offers in talks on lifting the government's debt ceiling "unacceptable," but said he would be willing to cut spending together with tax adjustments to reach a deal. Reporting by Andrea Shalal and Susan Heavey; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

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