PREVIOUS TRADING DAY EVENTS 09 May 2023

Announcements 

U.S President Joe Biden and top Republicans and Democrats from Congress sat down at the White House on Tuesday to discuss the debt ceiling and spending. Discussions ended with no consensus on how to end their impasse over the federal debt and spending just weeks before the nation is set to default on its debt for the first time. A default on U.S. debt, which could happen on June 1st if Congress doesnt agree to lift the borrowing limit, would be disastrous.

 
Biden demanded that Congress raises the debt ceiling unconditionally to avoid a default and the house speaker Mr. McCarthy raised the argument that spending limits should be imposed.

I made clear during our meeting that default is not an option, Mr Biden said after the session in the Oval Office. I repeated that time and again. America is not a deadbeat nation. We pay our bills and avoiding default is a basic duty of the United States Congress.

He added Im prepared to begin a separate discussion about my budget and spending priorities but not under the threat of default.

Mr McCarthy said I didnt see any new movement. He added that he had asked Mr Biden numerous times if there were places in the federal budget where they could find cuts. They wouldnt give me any, he said.

Tuesdays discussion resulted in no agreement. Eventually, both the White House and Mr McCarthy dismissed the idea of a shortterm debt ceiling increase at the moment until more…