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Then-House Speaker John Boehner of Ohio before voting on a plan to raise the debt ceiling on Capitol Hill in 2011. The 2011 debt-ceiling imbroglio might not be the best guidebook for how markets will behave through current standoff, but it is the only guidebook investors have. The stock market has been responding to the on-again, off-again debt-ceiling negotiations in a predictable fashion.

In one unexpected development, the bill would approve all the remaining permits to complete the stalled Mountain Valley Pipeline, an Appalachian natural gas project that has been a top priority of West Virginia Sens. and . Manchin had tried last year to secure approval of the permit in return for providing the decisive support for Biden’s climate bill — only to see GOP opposition sink his

Ten years ago, when Barack Obama faced down an attempt by House Republicans to extract concessions in return for lifting the debt ceiling, he explained that he saw this tactic as inimical to functioning self-government. “If we continue to set a precedent in which a president … is in a situation in which each time the United States is called upon to pay its bills, the other party can simply sit

Good morning! It’s Wednesday, May 3, 2023. The 2024 elections are 552 days away. Read this newsletter in your browser. If this newsletter was forwarded to you, subscribe here. If you want to contribute to support my work, donate here. Back in January, when the debt ceiling crisis was just beginning to take shape, I outlined the various off-ramps that had been proposed to avoid a default