US Stocks, Bitcoin Higher Over Debt Ceiling Deal Closure Reports

Also Read: US PCE Core Inflation Comes In More Than Expected For April

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Debt Ceiling Deal: The Details

CNBC reported that House Republicans would in return get their spending cut demand fulfilled for the debt ceiling agreement. Among the spending cuts could be baseline federal spending in 2024 along with Internal Revenue Service allocations. In another revelation, Mario Nawfal’s tweet said negotiators agreed on a 3% increase in defense spending. He also said that key negotiators, which could also include top White House officials and top Republicans, had already agreed for the deal ‘in-principle’ on Thursday itself.

“Sources with direct contact with the speaker’s office confirmed that some information will be made public over the next couple of hours.”

The deal announcement will reportedly be made over a press conference later on Friday. Therefore, a relief rally can be expected in the aftermath of the deal confirmation, setting the stage for Bitcoin price volatility ahead of the June 14 Federal Open Market Committee (FOMC) meeting.

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Also Read: Fed Expected To Raise Interest Rate Despite Debt Ceiling Uncertainty

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