{"id":2122,"date":"2023-05-23T04:32:29","date_gmt":"2023-05-23T04:32:29","guid":{"rendered":"https:\/\/prendergast.net\/?p=2122"},"modified":"2023-05-23T04:32:29","modified_gmt":"2023-05-23T04:32:29","slug":"debt-ceiling-talks-between-biden-and-mccarthy-to-resume-at-530-edt","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2122","title":{"rendered":"Debt-ceiling talks between Biden and McCarthy to resume at 5:30 EDT"},"content":{"rendered":"
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Debt-ceiling talks between Biden and McCarthy to resume at 5:30 EDT<\/strong><\/span><\/span><\/h1>\n

The latest round of debt-ceiling talks between the President and House Speaker will begin tonight at 5:30 PM EDT. While both sides have presented optimism on passing legislation that would temporarily suspend, or raise the debt limit ceiling, the Democrats and Republicans are still far apart.<\/p>\n

Comments by the House Speaker today emphatically stated that "nothing is agreed to and there are still a lot of obstacles for a deal." This after a phone call between the president aboard Air Force One and McCarthy Sunday evening was "productive" according to McCarthy. President Biden held a news conference in Hiroshima where he criticized the legislation proposed by the house saying that he could not promise fellow world leaders that the United States would not default.<\/p>\n

On Sunday President Biden said that he believes he has the authority to invoke the 14th amendment as a potential solution if the negotiations continue to result in a stalemate. However, the U.S. Treasury Secretary, Janet Yellen believes that the 14th Amendment is not a viable option as it cannot "be used appropriately in these circumstances, given the legal uncertainty surrounding it and given the tight deadline in which we find ourselves".<\/p>\n

In an interview on Sunday with NBC Janet Yellen again had a strong warning about what was at stake if the two sides aren't able to reach a resolution and raise or suspend the debt ceiling.<\/p>\n

"I indicated in my last letter to Congress that we expect to be unable to pay all of our bills in early June and possibly as soon as June 1. And I will continue to update Congress, but I certainly haven't changed my assessment. So I think that that's a hard deadline,"<\/p>\n

According to a Moody's Analytics report, a default could lead to more than 7 million Americans out of work and the loss of $10 trillion in individual household wealth.<\/p>\n

However, gold traded lower today temporarily disregarding the ongoing debt ceiling negotiations instead focused on statements made by Federal Reserve officials going against the grain of Powell's speech last week.<\/p>\n

In an interview with CNBC, Minneapolis Fed President Neel Kashkar indicated that interest rates could go above 6% before the Federal Reserve reaches its 2% inflation target. This was an agreement with St. Louis Fed President James Bullard said that there might be a need to go higher on the policy rate.<\/p>\n

\"\"<\/p>\n

As of 5:20 PM EDT, gold futures basis most active June contract is trading under pressure, down $7.90 and fixed at $1973.70. With the meeting between the president and the House Speaker to begin in about 10 minutes, we could see gold trade with extreme volatility this evening.<\/p>\n

By<\/p>\n

Gary Wagner<\/p>\n

Contributing to kitco.com<\/p>\n

Time to Buy Gold and Silver<\/a><\/u><\/span><\/span><\/span><\/p>\n

<\/p>\n

Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"

Debt-ceiling talks between Biden and McCarthy to resume at 5:30 EDT The latest round of debt-ceiling talks between the President and House Speaker will begin tonight at 5:30 PM EDT. While both sides have presented optimism on passing legislation that would temporarily suspend, or raise the debt limit ceiling, the Democrats and Republicans are still … Continue reading Debt-ceiling talks between Biden and McCarthy to resume at 5:30 EDT<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[290,291],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2122"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2122"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2122\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}