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Debt ceiling and FOMC DC focus

Last week House Republicans narrowly passed their debt ceiling and spending reduction proposal.  The legislation increased the debt limit by $1.5T, or until April 1, 2024, whichever comes first.  Since many Republicans generally oppose increasing the debt ceiling, the Republican Leadership combined the $1.5T ceiling increase with proposed cuts that would total $4.5T over a ten-year period.  In fact, the day before the vote, the Republican leadership got a big boost when the n

Last week House Republicans narrowly passed their debt ceiling and spending reduction proposal.  The legislation increased the debt limit by $1.5T, or until April 1, 2024, whichever comes first.  Since many Republicans generally oppose increasing the debt ceiling, the Republican Leadership combined the $1.5T ceiling increase with proposed cuts that would total $4.5T over a ten-year period.  In fact, the day before the vote, the Republican leadership got a big boost when the non-partisan Congressional Budget Office (CBO) estimated that the cuts in the bill could reduce spending by $4.8T over ten years.

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