12 May May 2023 Outlook
Congress is gearing up for a robust month of May following a condensed April calendar, with the Senate in session for fifteen days and the House for twelve. Given the recent collapse of First Republic Bank and JPMorgan’s purchase of most of its assets, there will be continued attention on the resiliency of the banking sector and further examination as to what caused the recent collapses. Additionally, the X-date continues to loom over lawmakers as Treasury Secretary Yellen announced that the U.S. could hit the debt limit as early as June 1st. With no compromise on the debt ceiling in sight, we expect negotiations to significantly ramp up this month as pressure mounts on both President Biden and House Republicans to ensure the U.S. does not default on its debt for the first time in history.
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