5/16/23 Market Snapshot: Debt Ceiling Limit

Concerns over the U.S. debt ceiling limit weighed on the markets this week as the meeting between President Biden and Congressional leaders produced no results on Tuesday and a Friday meeting was postponed. While the actual debt ceiling limit was reached on January 19th, the Treasury has been covering expenditures since that time. Treasury officials and the Congressional Budget Office have both stated that the U.S. Government may not be able to pay its debts in June if the limit is not increased by the June 1st deadline.