|A two-year Congressional deal to suspend the USA’s debt limit expired last weekend, meaning the government can no longer borrow money to pay its debts. The Hill says there is little agreement across the political aisle on spending, with Republicans generally favoring spending cuts while Democrats favor removing the debt ceiling again. Bipartisan support for a plan will be needed to avoid the US defaulting on its $28 trillion national debt. For all the wonky details, you can read more here or here.|
Another important date came and went last week. A moratorium on evictions, put in place by the government to ease financial hardship during the COVID-19 pandemic, ended on July 31. While the Supreme Court acknowledged the unconstitutional nature of the moratorium last September, the Order was allowed it to stand because the CDC planned to end it “in only a few weeks.”
However, the Biden administration has issued a new ban on evictions, which John Daniel Davidson at The Federalist called “blatantly unconstitutional.” He writes: “If landlords try to evict tenants for not paying rent, they could face criminal penalties including fines and imprisonment.” Landlords are owed around $21bn in rent.
President Biden is proposing a return to Obama-era fuel efficiency standards for vehicles. The White House’s ambitious plan to reduce carbon emissions also aims for 40% to 50% of new auto sales to be electric cars by 2030.
Miami is minting its own cryptocurrency to fund police.
While we’re talking of mammon.. for all the market enthusiasts, the Bank of England has published a working paper of global interest rates since 1300. That’s quite a while…