US House Speaker McCarthy: The senate and the president need to get to work — and soon

Anil Panchal FXStreet

US House of Representatives Speaker Kevin McCarthy crossed wires, via Reuters, early Tuesday as he said, “House Republicans did their job and passed a responsible bill that raises the debt ceiling, avoids default, and tackles reckless spending.”

It’s worth observing that chatters of US President Joe Biden’s call to four top US diplomats and arranging a meeting on May 09 took place recently, which in turn renews talks of the US debt ceiling negotiations.

On the same line, “US Treasury Secretary Janet Yellen said in a letter to Congress that the agency may be unable to meet all of its debt obligations as soon as June 1 if the debt ceiling is not raised, putting new urgency on talks in Congress,” said Reuters.

Key statements

House Republicans did their job and passed a responsible bill that raises the debt ceiling, avoids default, and tackles reckless spending.

There is a bill sitting in the Senate as we speak that would put the risk of default to rest.

Market reaction

The news fails to impress market players ahead of the top-tier data/events. However, the recent solution to the First Republic Bank problem allowed traders to remain cautiously optimistic.

Also read: Forex Today: US Dollar strengthens ahead of Fed

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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