Congressional Budget Office Outlook
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 16 February 2023
⏱️ 8 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Thursday, February 16th, and I'm your host Julie Morgan. |
| 0:12.0 | The Congressional Budget Office says the U.S. has until between July and September to avert a debt ceiling breach. |
| 0:20.0 | Apple is apparently not ready to unveil its mixed reality headset. |
| 0:24.4 | It was supposed to happen in April, but that date has been pushed back until June. |
| 0:29.5 | And today is crypto Thursday. |
| 0:31.5 | We're joined by Mike Faye the author of blockchain reaction on |
| 0:35.0 | seeking alpha. Love it or hate it. You can't deny crypto is interesting. He |
| 0:39.3 | breaks down a major development in the crypto industry from a regulatory standpoint. |
| 0:44.7 | Our top story. |
| 0:46.7 | According to the nonpartisan Congressional Budget Office, the U.S. Treasury Department |
| 0:51.4 | is set to become unable to fully pay its bills on time sometime between |
| 0:55.8 | July and September. |
| 0:57.5 | This was part of its 2023 to 2033 economic and budget outlook. |
| 1:02.2 | It gives lawmakers as little as six months to reach a deal |
| 1:05.0 | to lift the 31.4 trillion dollar debt limit and ultimately avoid default on its |
| 1:10.5 | obligations. Last month the federal borrowing limit was reached and drove the Treasury to start a debt-issuance |
| 1:17.2 | suspension period, which will expire in early June and establish certain extraordinary measures that are also expected to be exhausted sometime in June. |
| 1:27.0 | Now more on the market. Wednesday, the NASDAQ closed up 0.9%. The S&P 500 ended up 0.3% and the Dow finished up 0.1%. Nine of the 11 |
| 1:40.3 | S&P sectors posted advances led by greater than 1% gains from communication services |
| 1:46.5 | and consumer discretionary. |
| 1:48.4 | Energy slumped 1.8% while health care posted a modest decline. |
... |
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