Tidbits, Debt Ceiling, Droughts, Markets & Rain Days Update 5/29/23

Highlights

Turkey’s President Erdogan has won the runoff election yesterday. His victory will make Putin happy.

All the Asian markets opened higher today because of the debt ceiling deal.

SUMMARY OF DEBT CEILING DEAL:

• Debt ceiling to be raised to cover deficit spending for 2 years

• Spending cuts of $50 billion, just 0.2% of GDP

• $10 billion removed from the recent budget increase for IRS

• No budget caps after 2025

• No new taxes or government programs

• Boost in defense and VA spending

• Domestic program spending is frozen for one year

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