Tuesday Morning Cheat Sheet: 3 Stories Moving Markets
U.S. equities advanced in premarket trading on Tuesday on hopes that the Senate would reach a debt-ceiling deal. The deal being hammered out right now would end the 15-day partial shutdown of the government and fund the United States through January 15, extend the nation’s borrowing ability until February 7, and require lawmakers to hold budget talks by this December.
“We’ve made tremendous progress,” Senate Majority Leader Harry Reid (D-Nev.) said Monday, “[but] we are not there yet.”
What the emerging deal doesn’t do is edit the Affordable Care Act, and the absence of changes to President Obama’s health care law could jeopardize the whole operation. Sen. Ted Cruz (R-Texas), who entered infamy for his 21-hour presentation ahead of the Senate vote on the budget that would defund the ACA, could employ similar procedural tactics to delay a vote until after the October 17 deadline.
In any case, if the measure makes it through the Senate, there’s no guarantee that it will make it through the House of Representatives.