A quick heads up… today is going to be huge for budget and government shut down news.In the afternoon, Obama will speak on his ideas for reducing the debt, which will include higher taxes, and some entitlement reform. It won’t be nearly as dramatic as the Ryan plan, and although supposedly the President has been thinking about this for a while, it will be seen as a response to Ryan.
Before that though, several politicians from both sides of the aisle will go to The White House to get some kind of preview.
And amidst all this, it’s looking increasingly like the budget deal is going to collapse. By the end of the day, this should be a lot more clear.
From a markets perspective, there could be some interesting headlines, but bear in mind that it’s never been clear if the market cared much about this whole charade.