Budding optimism at the annual meeting of billionaires, heads of state and business leaders in the Swiss Alps collided with a fresh threat.
The newly elected McCarthy is in a bind. While conservative members of his caucus insist they do not want the country to default on its debt,to demand deep spending cuts. McCarthy has suggested that he won't support raising the debt ceiling without a compromise on spending.
The situation is a "mess" with at least one possible solution: Congress could pass a "clean debt limit," according to Peter Orszag, the CEO of top financial advisory firm Lazard. That refers to a borrowing increase without spending cuts.Another top Wall Street CEO said that he planned to push lawmakers at Davos to focus more on spending cuts rather than the debt ceiling.
The worries contrast with early signs this month that formerly frozen markets have begun to awaken. For instance, debt issuance has been "incredibly strong" in January so far, according to Fraser. It's too early to say whether those signs are a harbinger of better times for investment banks and the wider economy, she said.
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