Debt Limit Spread President Biden says he will return early from his trip to the G-7 meeting in Japan due to the lack of agreement on raising the U.S. debt limit. House Speaker Kevin McCarthy says returning to the work requirements for social welfare benefits that existed pre-pandemic is a hard “red line.” House Minority Leader Hakeem Jeffries says raising work requirements is a “non-starter” in the debt limit fight. This means that both political parties will push the bargaining to the bitter end, and over any level of policy change. The upside is that they are in effect negotiating.  Agricultural Royalty On Capitol Hill, the legislative aide handling agriculture is often said to have drawn the short straw a...

TAGS – North America, Macroeconomics