Connect with us

Hi, what are you looking for?

Oracle of  Omaha Says – Investing and Stock NewsOracle of  Omaha Says – Investing and Stock News

Latest News

Debt ceiling crystal ball: Deal unlikely over next couple of days

It appears very unlikely there is any chance to get a deal on the debt ceiling over the next couple of days.

If that’s the case, the House likely cuts the rank-and-file members loose tomorrow for the Memorial Day weekend. Memorial Day is one of the most important periods for lawmakers to be back in their districts (parades, events, et al). But lawmakers will be on standby to race back to Washington. The House is SCHEDULED to be OUT of session next week. The Senate is out this week, but SCHEDULED to return next week.

The calendar may read May. But in reality, the LEGISLATIVE calendar reads June.

Negotiators will likely stay in Washington and talk over the weekend.

There is nothing which will infuriate lawmakers any more than having to be in Washington with nothing to vote on. Also, if conservatives don’t get the deal they want or don’t like where things are headed, keeping Members away from one another actually helps. That tamps down potential dissent. 

That said, it may help count the votes if everyone is present in DC.

Once a deal is cut, it will take a day or two to get the bill into proper legislative form. 

House Speaker Kevin McCarthy, R-Calif., says he will adhere to the ’72 hour rule’ for Members to consider the bill (purportedly in final form) before the House debates and voted on the bill. But that will also buy some time for the bill to be scored and evaluated by the Congressional Budget Office. Some lawmakers may wait to decide to vote yes or no based on the CBO score. 

It may also take a day or two to ‘whip’ the vote to know where members stand and if they have they the votes to pass the bill. 

Inevitability, there will be other hiccups which could slow down the process.

And we have not even discussed how long it will take the Senate to move the bill. The Senate could take five to seven days once it gets the bill from the House. However, if the Senate got agreement among all 100 senators, it could move VERY fast.

Any bill is going to require a special cocktail of Democratic and Republican votes – perhaps well over 100 Democrats. If that’s the case, the bill must reflect Democratic priorities. But are Republicans willing to absorb a hit which eliminates some of their goals. That’s the risk to McCarthy. How does he finesse this politically so some GOPers don’t rebel.

We are seeing McCarthy speak multiple times a day now before cameras and as he comes and goes from his office. Keep an eye on this. The more McCarthy speaks, the worse shape the talks are in. If they have a deal, the theory goes, McCarthy would speak less.

McCarthy is speaking more often publicly now to gin up his base, keep his members in line and fill the vacuum.

Bottom line: we don’t truly know exactly when the U.S. will collide with the debt ceiling. But the chances of working out a deal, let alone voting – in the House alone – probably gets this to the edge of June if not a few days into June.

This post appeared first on FOX NEWS

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Everynet, one of the world’s largest network operators for national LoRaWAN® networks, announces it is working with Amazon Web Services (AWS) to offer long-range...


    As more candidates throw their hats into the 2024 Presidential ring, I’d like to offer a proposal that should have immediate bipartisan support: stop...

    Editor's Pick

    The Internet of Things (IoT) is changing the way we interact with technology, and it has the potential to revolutionize the way we manage...

    Editor's Pick

    Semtech Corporation and esteemed engineering design services firm, Connected Development, today announced the launch of the new XCVR Development Board and Reference Design integrating...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023