While divided Washington has made little progress in raising the U.S. debt limit so far this year, this Evercore ISI strategist is eyeing June and July for more concerted bipartisan negotiations.
While a divided Washington has made little progress in raising the U.S. debt limit so far this year, there will be an endgame at some point.Here’s what looks likely to come next.
But top Democrats did not sound won over at all, with Senate Majority Leader Chuck Schumer saying McCarthy is continuing to “bumble our country towards a catastrophic default.” “This will be a big catalyst to prompt more activity in D.C., as Congress can only really function with looming deadlines, and the updated estimate will drive a lot of headlines,” Marcus added. “Our best guess prior to this update is that the X Date will probably land in July.”June could be when markets tune in before a ‘messy’ resolution Marcus said if the X date ends up being in July, Evercore “would expect D.C.
“My guess is that sometime beginning Memorial Day the parties will begin to circle around each other and eventually negotiations will be engaged on fiscal year ’24,” said Wallace, 22V’s head of Washington policy research, in a recent interview with MarketWatch.
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