Debt-Ceiling Cliff Dancing
Notes on the Week Ahead
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The Debt Ceiling and the Risk of Default
The debt ceiling will have to be raised or suspended on a bipartisan vote. If the administration of congressional leadership makes it clear that this is where we're headed, then it is possible to imagine an increase passing before the end of May. The passage of such a bill should cause a rebound in the stock market but some damage to the dollar and the Treasury bond market may be permanent.
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