Lawmakers may be close to a temporary resolution on the debt ceiling issue. Republican House Speaker John Boehner said today that that they would vote to increase the debt ceiling temporarily. That would enable the nation to keep borrowing money for the next six weeks. However, they still want the government shutdown to continue as they negotiate with the president and Democrats over budget issues.
Obama open to a temporary debt ceiling increase
During today’s press briefing, President Obama’s press secretary Jay Carney said the president is open to a proposal for a temporary fix on the debt ceiling. However, he recommended that Congress push for a long-term solution rather than a six-week answer. Carney stopped short of saying that the president would sign the short-term extension. He said the White House would hold back judgment until the actual proposal is received and reviewed.
Blue Mountain Credit Fund still in the red YTD; here are their biggest holdings
Blue Mountain Credit Alternatives Fund was up 0.36% for November, although the fund remains well into the red for the year. For the first 11 months, the fund was down 24.85% gross. Q3 2020 hedge fund letters, conferences and more Blue Mountain's fundamental credit strategy was up 0.63% for November, including a 1.09% gain for Read More
Carney said at this point there isn’t a bill to look at, and it’s the details of the proposal which are important. According to Carney, Obama will sign a “clean” bill to raise the debt ceiling.
Obama pushing for debt ceiling and government shutdown to be resolved
The president has been pushing Republicans to solve both of the two issues facing lawmakers right now, suggesting that he wouldn’t go to the bargaining table without a resolution to both problems. However, he hasn’t ruled out signing the temporary solution to just one of the problems. According to NBC News, if the debt ceiling is extended without conditions, this may be some sort of a concession to the president.
Boehner plans to present their offer to President Obama later today at the planned meeting between House Republicans and Obama. According to Reuters, although the offer will allow the debt ceiling to be raised, it would keep the U.S. Treasury from using “extraordinary measures” to keep borrowing after it hits the next limit.