To The Moon

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“We have come to an agreement in principle,” House Speaker Kevin McCarthy said Saturday in the Capitol. “We still have a lot of work to do, but I believe this is an agreement in principle that’s worthy of the American people.”

McCarthy said he spoke to President Joe Biden twice on Saturday about the plan. “I expect to finish the writing of the bill, checking with the White House and speaking to the president again tomorrow afternoon,” said the California Republican, “Then posting the text of it tomorrow, and then be voting on it on Wednesday.”

The deal, he said, “has historic reductions in spending, consequential reforms that will lift people out of poverty and into the workforce, and rein in government overreach. There are no new taxes and no new government programs.”

Biden called the deal “an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone.”

End of season 1… To be continued?

The White House has invited all House Democrats to attend a virtual briefing on Sunday afternoon, presumably to explain what is in the deal and urge Democrats to vote for it.

The announcements marked the start of a lobbying blitz by House and Senate leaders in both parties to convince their members to vote for the package, which will need to win enough votes in the GOP-controlled House and Democratic-held Senate to raise the U.S. debt ceiling in time to meet a June 5 deadline.

Deadline pushed back from June 1 to 5 😂

The final push on the deal took place Saturday, in spite of updated guidance from the Treasury Department on Friday afternoon which identified June 5 as the debt default deadline.

That is five days later than the previous Treasury guidance date of June 1. The update was taken by some lawmakers as meaning there would be less pressure on negotiators because the date could slide again.

But that’s not how lead GOP negotiator Rep. Patrick McHenry, N.C., read it. Praising Treasury Secretary Janet Yellen as “a woman of principle [who] is faithful to the law,” McHenry told reporters Friday that the new date put to rest any lingering questions about when default would occur.

“Now we know, and this puts additional pressure on us to perform,” he said. Yellen explained that the agency was “scheduled to make an estimated $130 billion of payments and  transfers” during the first two days of June. This would “leave Treasury with an extremely low level of resources.”

The week of June 5, Treasury will owe “an estimated $92 billion of payments and transfers,” Yellen wrote in a public letter to House Speaker Kevin McCarthy.

Unless the debt limit were raised in time and the government was allowed to borrow more, “Our projected resources would be inadequate to satisfy all of these obligations.”

QQQ is 2x stronger than SPY last Friday

The major economic release of the week will be the May jobs report on June 2. A drop in monthly payroll additions to 180K from 253K in April is anticipated and the unemployment rate is seen inching up to 3.5% from 3.4%. Average hourly earnings are forecast to decline to a +0.3% pace from +0.5% in April.

The jobs report will arrive less than weeks before the next FOMC meeting and is likely to kick off more debate on if the Fed will raise rates again.

Weekly option trade summary

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