Kevin McCarthy, the President of the US House of Representatives, has stated that the Republicans will introduce a plan to increase the sovereign debt ceiling. The proposed agreement involves raising the US debt limit for one year, reducing federal spending to the levels of 2022, and capping spending growth at 1% annually for the next decade. Additionally, certain fiscal aid programs will be modified. However, it is likely that the debate on the debt ceiling will persist, given President Joe Biden's refusal to negotiate a plan that includes concessions to avoid default. The number of initial jobless claims increased by 5,000 to reach 245,000, while continued jobless claims rose by 61,000, indicating a possible decline in the labor market.
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