Fragile Banks Now On the Edge | Big Banks Lose Billions

How a Disappointing Tax Season Has Increased the Risk of a U.S. Default. What happens when an unflappable stock market meets an intractable Congress? With the debt ceiling’s X-date fast approaching and a disappointing tax season in the books, we may get the answer sooner than expected. At first glance, it looks like progress is being made on the debt ceiling. This past week, House Speaker Kevin McCarthy (R., Calif.) went, with much fanfare, to the New York Stock Exchange to reveal the Limit, Save, Grow Act of 2023. The plan would raise the borrowing limit by $1.5 trillion in exchange for limiting future spending growth, putting work requirements on Medicaid, and removing the funds allotted to the Internal Revenue Service and the clean energy tax credits that were part of the Inflation Reduction Act, among other provisions.

TOPICS AND TIMESTAMPS:
Interest Rate Fiasco 0:00
What’s Coming? 4:03

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The Money GPS is the most active, most informative channel in the financial world. Day after day, breaking down the data and making it easy to understand. This channel is not here to help build a portfolio, give stock picks, or financial advice. It's simply data that is generally not found through conventional means.
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