Senate Majority Leader Schumer To Meet Bank Execs Today

Bloomberg has reported that Senate Majority Leader Chuck Schumer (D-NY) will meet with bank executives, including JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser, today at 11:00 ET 16:00 BST to discuss the debt limit.

• Bloomberg: "Treasury Secretary Janet Yellen is [also] expected to gather with finance chiefs [tomorrow] as the clock ticks down to her department potentially running out of sufficient cash to make good on all federal obligations... Yellen last week said it would be helpful for corporate leaders to speak out about their concerns on the debt ceiling."
• Schumer has been relegated to a bit-part player in debt ceiling negotiations with most observers believing that the Senate will rubber stamp any deal - reached by House Speaker Kevin McCarthy (R-CA) and President Biden -, which passes the House.
• Schumer may face some resistance from progressive Democrats if a final deal includes stricter work requirements for social welfare programmes with John Fetterman (D-PA) and Elizabeth Warren (D-MA) both indicating they may vote 'no' on such legislation but Schumer will likely have the support of enough moderates to pass the bill.