GOP Blocks Debt Ceiling Vote

How will markets react to this bad boy when they open tomorrow?

From the Wall Street Journal:

The House on Tuesday rejected a $2.4 trillion increase in the federal borrowing limit—a symbolic vote that House GOP leaders said would demonstrate that Congress will not increase the debt ceiling unless it is linked to a deficit-reduction plan.

The vote Tuesday was 97-318, far below the two-thirds majority needed for passage.

Democratic critics called it risky political theatre, but Republicans were betting that financial markets would not be rattled by the measure’s defeat, which was all-but-certain.

Will the dollar be bought as the news is digested – or sold? How about Treasurys? Stocks? Gold?  What if no one cares and we all just go back to screwing around with Netflix and Lululemon?

We shall see.  Patience, young jedi.


House Rejects Debt-Ceiling Increase (WSJ)

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