Quick Take
- Concerns continue to build around the debt ceiling negotiations.
- President Biden is insisting on an unconditional debt-ceiling increase.
- This week, a meeting will occur between President Biden and congressional leaders around the concerns of the Treasury balance remaining depleted.
- MacroScope states, “Revenues in April this year were 26% below the same month in 2022.”
- Furthermore, “Tax revenues in the current fiscal year to April were more than
$250bn below estimates made just a few months earlier.” - The Treasury General Account sits at $155 billion and is plunging fast.
- Markets are still expecting a last-minute deal, as per usual.
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