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Debt Ceiling Deal Done "In Principle"; X Date Pushed to June 5

US
  • Wires reported a bipartisan agreement to suspend the debt limit for the next two years while keeping non-defense spending flat for the next year (+1% in the second year) was announced Saturday.
  • Now comes the hard part: securing support from enough lawmakers on both sides of the aisle. The NY Times writes Republican "lawmakers have a history of doing everything they can to block spending deals they disapprove of. They could do so again, and they have sufficient power to kill the deal because McCarthy has only a nine-vote majority."
  • Short "X-Date" reprieve: Focus has been on reaching a deal before the government would run out of cash to honor it's debt obligations, estimated at around June 1. In a late Friday letter to House Speaker McCarthy, Treasury Secretary Yellen stated the deadline has been extended to June 5.
  • "During the week of June 5, Treasury is scheduled to make an estimated $92 billion of payments and transfers, including a regularly scheduled quarterly adjustment that would result in an investment in the Social Security and Medicare trust funds of roughly $36 billion. Therefore, our projected resources would be inadequate to satisfy all of these obligations."
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