President Joe Biden on Saturday signed a bill that suspends the U.S. government's $31.4 trillion debt ceiling, averting what would have been a first-ever default with just two days to spare. The House of Representatives and the Senate passed the legislation this week after Biden and House of Representatives Speaker Kevin McCarthy reached an agreement following tense negotiations.
President Joe Biden on Saturday signed a bill that suspends the U.S. government's $31.4 trillion debt ceiling, averting what would have been a first-ever default. The House of Representatives and the Senate passed the legislation this week after Biden and House of Representatives Speaker Kevin McCarthy reached an agreement following tense negotiations.
President Joe Biden on Saturday signed a bill that lifts the U.S. government's $31.4 trillion debt ceiling, averting what would have been a first-ever default. The House of Representatives and the Senate passed the legislation this week after Biden and House Speaker Kevin McCarthy reached an agreement following tense negotiations.
U.S. manufacturing and freight activity has declined for seven months running, reflected in falling consumption of diesel and other distillate fuel oils as well as industrial electricity sales. Manufacturers reported another widespread downturn in May, according to the monthly purchasing managers' survey published by the Institute for Supply Management.
U.S. President Joe Biden declared a "crisis averted" on Friday in his first address from the White House's Oval Office, touting the passage of a bill to suspend the U.S. debt ceiling and avoid economic catastrophe. Biden used the moment to plead with Americans to bridge their divides, saying his compromise with top Congress Republican Kevin McCarthy showed what could be done.
U.S. President Joe Biden declared a "crisis averted" on Friday in his first address from the White House's Oval Office, as he touted the passage of a bill to raise the U.S. debt ceiling and curb spending.
* Nasdaq posts best weekly winning streak since Jan 2020. * Data shows jobless rate at 3.7% in May; wage growth moderates. * Amazon (AMZN) up on report of its talks for low-cost mobile services. * Materials lead S&P sector gains, Nvidia (NVDA) slips again. By Herbert Lash and Shreyashi Sanyal.
* Nasdaq posts best weekly winning streak since Jan 2020. * Data shows jobless rate at 3.7% in May; wage growth moderates. * Amazon (AMZN) up on report of its talks for low-cost mobile services. * Materials, industrials lead S&P sector gains. By Herbert Lash and Shreyashi Sanyal.
The U.S. Treasury Department's operating cash balance as of Thursday was $22.89 billion, compared with $48.51 billion a day before, the Treasury said on Friday as U.S. President Joe Biden prepared to sign legislation to suspend the federal debt ceiling.
* Canadian dollar gains 0.2% against the greenback. * Price of oil settles 2.3% higher. * Toronto home prices rise 3.7% in May. * 10-year yield rises 6.9 basis points. By Fergal Smith.
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