Fire up the printers and a word about our friends over at the Morgue.
WASHINGTON (MarketWatch) — President Barack Obama formally asked Congress to increase in the U.S. debt limit on Thursday, triggering a process to raise it by $1.2 trillion.
Congress now has 15 days to vote to block the increase. But analysts doubt that opponents will succeed. While House Republicans may vote to block the increase, the Senate is not expected to follow suit. Obama could also veto any objection.
The formal request is part of last August’s deal to raise the debt ceiling by $2.1 trillion and avoid a default. Lawmakers agreed to do it in steps.
In other news, it is a busy earnings week for the big banks. And guess who is on tap for tomorrow Friday the 13th, none other than our buddies over at the Morgue. Headlines per-announcement expect JP to report record earnings, "JPMorgan is projected to report a record $18.5 billion in 2011 earnings when adjusted for one-time items, a 6 percent increase for the New York-based company, according to a survey of analysts by Bloomberg."
AKA one time earnings from the MF Global job re-distributed as bonuses to executives. That part I added in, but you can read more if you'd like. Read More>>