U.S. Senate Passed Legislation on Short- Term Increase in Debt Ceiling
Debt ceiling raise by $480 billion with most republicans opposing the move
The U.S. senate on Thursday passed legislation on raising short-term federal debt ceiling after weeks of back and forth between the Democrats and Republicans. The statutory borrowing was increased to $480 billion for the next two months until December 3.
The vote ratio was 50-48 which shows no republicans were in favor of the increase in debt ceiling also implies yet another uphill battle in the senate on the issue in two months.
U.S. equities and futures posted gains with S&P 500 and Nasdaq 100 inching up by 0.83% and 0.88% respectively.
Eyes on non-farm payroll later today which with indication below 200,000 might lead the Federal Reserve to push back paring asset purchases in November.
