Just out from Societe Generale regarding Obama’s press conference:
Nothing surprising from Obama’s speech. It looks like there has been no progress made in his negotiations. He is standing buy the need to raise revenue in order to balance the budget. We believe that given the numbers he is correct. We continue to view a last minute deal for a small increase in the debt ceiling with token budget cuts is the likely scenario. Republican leaders have indicated they are open to this possibility.
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