Here’s why: It’s not a done deal The House of Representatives is set to vote on the bill on Wednesday, less than a week before the June 5 X-date. If the House passes the bill as expected, it would then need to be passed by the Senate and sent to Biden to be signed into law. It’s an extremely tight timeline and adds a huge amount of pressure on the leadership of both parties.
That would increase the cost of borrowing money since banks and other lenders often base interest rates on US bond yields. However, the opposite occurred after S&P downgraded US debt in 2011 — investors shrugged it off and bought more bonds, sending yields lower.
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