Two Developments Loom in Debt Ceiling Fight

Bloomberg: “The first is a vote expected this week on House Speaker Kevin McCarthy’s plan. He insists it’ll pass, but he may not have the votes. McCarthy will be emboldened in his standoff with President Joe Biden if he can point to a passed House bill, but failure would undercut his bargaining power.”

“The second development, though, is the nail-biter: a fresh deadline for a first-ever default on the national debt, should the ceiling not get raised or suspended. As soon as this week, the Treasury Department will release a new estimate — the most precise yet — based on tax-revenue data.”