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Legendary Investor Ray Dalio's new book, How Countries Go Broke, The Big Cycle, explains the mechanics behind big debt crises.

Larry Summers says, Dalio's brilliant, iconoclastic approach is an invaluable resource, and Hank Paulson says it provides a solution to what is the

biggest and most certain threat to our prosperity. Read it to understand the greatest economic issue

of our time. Available Wednesday, June 10th, 2025. Let's get into the mix. Here are your Washington headlines of the day. Number one,

deal or no deal, how reconciliation is affecting everything else. Number two, the House Freedom

Caucus tries to put pressure on Senate Republicans. And number three, Senate majority leader John

Thune saves stable coin reform. All right, Jake, let's get into it.

We are all focused on reconciliation, what that means.

Can the Senate get the job done by this July 4th deadline? But what's really interesting this morning is we take a look at how this is really impacting everything else, in particular, appropriators, getting

started on the process for government funding. Yeah, I'll give myself a pat on the back,

us a pat on the back, because we've been saying for a long time, we thought July 4th was a,

let's call it Anna, a sunny sunny and optimistic and hopeful deadline.

And then in the last couple days, and this is just a side note, I don't even think we have this in the newsletter this morning, but yesterday Donald Trump at the White House said that he doesn't know that they'll get it done by July 4th.

He said it's okay if they don't get it done by July 4th. So that's that. CBO said yesterday also that, and we had this in the PM edition,

you should be subscribed to that if you're not. Email me and we'll get you subscribed.

CBO said yesterday that the debt limit's not going to come up until the until sometime in

mid-August to late September, which is a, it's a big timeline in.

Not a good sign for Congress to have the pressure to move there, Jake.

They have a little bit of time here.

But here's something that's interesting.

As we note in the top this morning, Susan Collins, the Senate Appropriations Chair from Maine,

...