It's Monday, May 16th, and this is Market Fullery.

I'm Chris Hill and joining me in studio today from income investor James Early and from

Million Dollar Portfolio Ron Gross.

Guys, good to see you. Good to see you, Chris. Earnings news from

J.C. Penny and surprising news from Disney, those in a moment, but first the United States

has reached new heights, just not the good moon landing type of heights.

Today the federal government officially hit the 14.3 trillion debt ceiling.

The government is suspending some investments and taking measures that will delay the practical impact until August 2nd.

James Early, I will pick on you first.

What is the practical impact for consumers and investors?

Chris, let me say like this, the US havingS. having a dead ceiling is like an alcoholic saying

he plans to stop drinking after eight drinks.

It's not going to happen because this is not a real limit.

This is sort of this fake paper ceiling that the U.S. continues to extend.

I think it's done 72 times.

74.

74 times since 1962.

So on paper it is a dead ceiling and in the short term Congress will have to scramble to do something

either come up with some money somehow or cut a few things but long term it's

ultimately just going to raise the dead ceiling we've maxed out our credit cards we're just going to raise the debt ceiling. We've maxed out our credit cards. We're just going to raise our spending limit.

Ron? Yeah, to James's point, we've raised the limit 10 times since 2001.

So this is not something that's new to us and we really have no choice and I wish the

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