Markets should factor in more hurdles before an agreement is finally passed in Congress, warns investment banker Eric Cantor, a former Republican negotiator on the debt ceiling.
are expected to rally after President Joe Biden and Republican House Speaker Kevin McCarthy agreed to lift the debt ceiling just days before the United States is predicted to run out of cash to pay all of its bills.Mr Biden and Mr McCarthy held a telephone call on Sunday afternoon to confirm further details of the deal, as both leaders try to convince their parties on the deal which must now quickly pass both houses of Congress.
Mr McCarthy was narrowly elected Speaker after a long campaign to win over enough sections of his party, eventually agreeing to revive a House rule that allows any single member to call for a vote to oust the speaker. Republicans hold a slim majority in the House, while Democrats narrowly control the Senate.
Republicans had been seeking to raise the debt cap by just $US1.5 trillion , but the deal Mr McCarthy has cut with Mr Biden is expected to be nearly three times that figure. US futures markets were up, reflecting some market optimism on the deal. But Mr Cantor said that a lot still had to transpire on Capitol Hill in coming days before the deal was finally sealed.
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