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Tension between the Republicans and Democrats in Congress is growing.

Last week, Attorney General William Barr took the flack for President Donald Trump, as he appeared to be disingenuous with Congressional Democrats over the issue as to whether or not he knew of any Mueller team disagreements with his summary of the Mueller Report. This culminated with the AG refusing to testify before the House Judiciary Committee.

I think this does not bode well for any bipartisan agreement at a time when big decisions need to be made. Keep an eye on this. Nasty headlines could ensue.

Perhaps no action by Congress has more potential impact on capital markets than the need to increase the debt ceiling later this year. There have been discussions of finding a popular bill to which the unpopular debt ceiling increase could be attached. While the debt ceiling bill may be the most difficult must-pass item needing action, Congress also has the threat of a government shutdown if no budget is approved by October 1. Possible double headline whammy there later this year.

There was a small sign of bipartisanship prior to Barr’s refusal to testify before the House when the President, House Speaker Nancy Pelosi, and Senate Democratic Leader Charles Schumer had a meeting to discuss a $2 trill...

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