The Daily Money: Why everyone wins under the debt ceiling plan
Happy Friday! It’s Bailey Schulz here to bring you the day’s top headlines.
You can quit worrying about whether the U.S. will default on its debt. A debt-limit deal has been approved by the U.S. House and Senate, and President Joe Biden is expected to sign the bill into law soon.
While some senators aren’t happy with the deal's take on defense spending, work requirements around the supplemental nutritional assistance program, IRS funding, student debt and easier energy permitting, to name a few, everyone wins with a debt ceiling increase. A default and a ratings downgrade would have been catastrophic for the economy, jobs and the stock market.
The deal only curbs government spending by a small amount, which should keep the big economic picture largely unchanged.
Is the housing market going to crash in 2023? What experts say.
The U.S. housing market is cooling, but elevated mortgage rates have constrained homebuyers’ purchasing power.
Despite the challenges in the market, housing experts say they don’t see a housing crash on the horizon.
“Despite uncertainty in the economy and the housing market right now, there is little to suggest that the housing market is poised for a crash,” says Bright MLS Chief Economist Lisa Sturtevant. “For a plunge in home prices ‒ like we saw in 2008, for example ‒ we would need demand to pull back dramatically and/or supply to increase significantly.”
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🍔 Today's Menu 🍔
Friday is National Donut Day, which means some of the biggest chains in the country are offering free donuts.
Just a couple of the deals offered today include:
- Participating Dunkin’ locations nationwide are offering guests a free classic donut of their choice with the purchase of any beverage, while supplies last.
- Krispy Kreme is offering a free doughnut of any kind, no purchase necessary. Customers can also buy any dozen donuts and get a dozen original glazed donuts for $2.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.