US debt ceiling impasse pushes government credit default swaps to record high. Someone is betting against the USA! Maybe that’s why Yellen called the CEOs? The best time we can live.

via reuters:

NEW YORK, May 10 (Reuters) – The cost of insuring exposure to U.S. government debt rose to fresh highs on Wednesday, as President Joe Biden and top lawmakers remained deadlocked in talks over raising the $31.4 trillion federal borrowing limit.

Spreads on U.S. one-year credit default swaps (CDS) – market-based gauges of the risk of a default – widened to 172 basis points, an all-time high, according to S&P Global Market Intelligence data, up from a close of 163 on Tuesday.

Interest on the debt at $928 billion now exceeds Defense spending in the USA … and it is still climbing rapidly.

Interest payments on govt debt will rise to $1.1 trillion next year.

This is why Biden, Janet Yellen and Congress will be begging for rate cuts. 0% comeback. pic.twitter.com/0wjKjQ4XQi

— Wall Street Silver (@WallStreetSilv) May 11, 2023

h/t RedditIsOwendByTheWS