June S&P 500 futures (ESM23) are up +0.53%, and June Nasdaq 100 E-Mini futures (NQM23) are up +1.09% this morning on hopes that Congress will pass a debt ceiling bill to avert a first-ever U.S. default.
U.S. President Joe Biden on Sunday finalized a budget agreement with top congressional Republican Kevin McCarthy to suspend the $31.4 trillion debt limit until January 1st, 2025, and cap some federal spending to prevent a catastrophic U.S. debt default. President Biden said the final U.S. debt ceiling deal was ready to move to Congress for a vote. However, a handful of Republican lawmakers said Monday they would oppose the proposed debt ceiling deal.
