McConnell Won’t Block Debt Ceiling Increase, Says He Wants Democrats To ‘Proudly Own It’

Link:https://reason.com/2021/12/08/mcconnell-wont-block-debt-ceiling-increase-says-he-wants-democrats-to-proudly-own-it/

Excerpt:

Congressional showdowns over the debt limit are nothing new, but this time around there’s a unique wrinkle. The House approved a bill on Tuesday night with what was essentially a party-line vote that paves the way for Congress to avoid a possible default on the national debt in the coming weeks. Here’s the tricky part: “The measure would create a special pathway—to be used only once, before mid-January—for the Senate to raise the debt limit by a specific amount with a simple majority vote, allowing Democrats to steer clear of a filibuster or other procedural hurdles so that Republicans would have no means to block it,” The New York Times reports.

The upshot, assuming this deal holds up long enough to avert the December 15 deadline for raising the debt limit, is that there won’t be another showdown like this before the midterm elections next November.

Author(s):Eric Boehm

Publication Date:8 Dec 2021

Publication Site:Reason

Bond Yields Have Been On a Tear Since August 4. What’s Going On?

Link: https://mishtalk.com/economics/bond-yields-have-been-on-a-tear-since-august-4-whats-going-on

Graphic:

Excerpt:

Five Factors Spooking the Bond Market and Impact

Debt Ceiling Battle: Short Term, Low Impact

Supply Chain Disruptions: Medium Term, Medium Impact

Trade Deficit: Long Term, Low-to-Medium Impact

Biden’s Build Back Better Spending Plans: Long Term, High Impact

Wage Spiral: Long Term, High Impact

Author(s): Mike Shedlock

Publication Date: 8 Oct 2021

Publication Site: Mish Talk