US stocks trade lower as debt ceiling showdown outweighs strength in mega-cap tech
President Joe Biden and House Speaker Kevin McCarthy met at 3 p.m. today to further negotiate on a potential debt ceiling deal, and time is running out as Biden prepares to travel to Asia for a foreign policy trip. The Biden administration said the President would cut his trip short and come home early to ensure a deal gets done in Congress.
Meanwhile, Treasury Secretary Janet Yellen warned that"time is running out" and that the debt ceiling showdown is already impacting Americans. "Every single day that Congress does not act, we are experiencing increased economic costs that could slow down the US economy," Yellen to a banking conference on Tuesday."We are already seeing the impacts of brinksmanship: investors have become more reluctant to hold government debt that matures in early June."which revealed weaker-than-expected guidance as consumers focus on smaller home improvement projects.
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