It is my contention that the market has essentially priced in the belief that an agreement on raising the current debt ceiling will happen.
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The current debt ceiling negotiations will accomplish nothing.
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Even with current debt ceiling negotiations and some market participants fearing it will bring the tax exempt status back on the chopping block, it remains highly unlikely that anything will change, given the dire straits some localities and states are in, the impact to public services and the dent it would make to the Federal deficit.
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The current debt-ceiling crisis in Washington is providing quite the leadership lesson.
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Republicans might be willing to resolve the looming problem of raising the federal debt ceiling by having it increased during the current lame duck session rather than waiting for the spring.
As the fight over the fiscal cliff at the end of last year and the current negotiations over the debt ceiling have shown, we need a plan for how we are going to reduce our debt, deficit and reform entitlements now more than ever.
Whereas the current strategy risks malaise, a ceiling would cause an economic boom in Japan as it has in Switzerland.
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But even people earning below the ceiling are likely to benefit, especially if their current earnings are relatively high and grow relatively rapidly in the future.
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It was considered the supportable ceiling for sovereign debt in the old days of higher interest, but current 100% levels of debt to GDP require low interest rates or the sovereign goes into default.
On Wednesday, Fitch Ratings said that if the debt ceiling did not get raised, then the country faced a downgrade from its current AAA status.
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Of course, McConnell knows full well that February is just days away and that he will get another large bite at the spending apple when the battle moves on to the debt ceiling where Congressional Republicans expect to hold better cards than they possessed in the current debate.
If the debt ceiling is not raised, the US government will not have the spending authority to meet current payment obligations like federal employee salaries, health and retirement benefits.
But from 1 June, new borrowers, or current ones who switch deals, will have to revert to an SVR without any ceiling, currently set at 3.99%.
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