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Global stock markets wobble ahead of US debt ceiling vote

Published : Wednesday, 31 May, 2023 at 12:00 AM  Count : 283

LONDON, May 30: Stock markets wobbled Tuesday as a deal to hike the US debt ceiling and avoid a painful default goes to a vote in Congress this week.

President Joe Biden and House Speaker Kevin McCarthy hammered out an agreement at the weekend that saw both sides give ground, a week before a June 5 deadline when the government is expected to run out of cash to pay its bills.

While the deal provided some relief to markets, the two leaders must convince waverers on both sides to back the deal, with the House expected to vote Wednesday followed by the Senate.

"A deal may have been struck on the debt ceiling, but it's not fully calmed nervousness on financial markets," noted Susannah Streeter, head of money and markets at stockbroker Hargreaves Lansdown.

"Clamour from dissenting voices on both sides of the political divide are rising, ahead of a crucial Congressional vote. Nevertheless, the US does appear to be inching towards agreement," added Streeter.

Ultra-conservative Republicans feel McCarthy should have secured far deeper spending cuts in exchange for raising the debt ceiling and allowing the government to keep borrowing.

The left wing of the Democratic Party is equally unhappy that Biden agreed to any spending limits at all.

Still, the US president and House speaker were optimistic. "I never say I'm confident what the Congress is going to do. But I feel very good about it," Biden said Monday, adding that he had spoken to lawmakers.    �AFP






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