Bond prices didn’t budge after President Trump and congressional leaders agreed to extend the federal government’s debt limit, indicating that Wall Street bond vigilantes have morphed into deficit patsies. tombuerkle
President Donald Trump and U.S. congressional leaders reached an agreement on July 22 to extend the nation’s debt limit for two years and raise federal spending levels for the next two years.
Under the deal, the U.S. Treasury’s borrowing authority would be extended through July 31, 2021. Without the extension, the government could run up against its borrowing limit before Sept. 9, potentially triggering a default on the country’s debt. The deal will increase federal spending on discretionary programs to $1.37 trillion in the fiscal year beginning Oct. 1 from $1.32 trillion this year, and by roughly an additional $5 billion in the following year.
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