Debt ceiling concerns may impact cryptocurrency market as treasury balance plunges

2023-5-16 13:00

Quick Take Concerns continue to build around the debt ceiling negotiations. President Biden is insisting on an unconditional debt-ceiling increase. This week, a meeting will occur between President Biden and congressional leaders around the concerns of the Treasury balance remaining depleted. MacroScope states, “Revenues in April this year were 26% below the same month in 2022.” Furthermore, “Tax revenues in the current fiscal year to April were more than
$250bn below estimates made just a few months earlier.” The Treasury General Account sits at $155 billion and is plunging fast. Markets are still expecting a last-minute deal, as per usual. Treasury Balance: (Source: MacroScope)

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