💳 Can The US Nation Debt Be Solved?

Good morning. US stock futures fell in Wednesday morning trading as Wall Street mulled over economic data from China and fourth quarter earnings gain steam.

💸 US legislators propose committee to tackle nation’s multi-trillion dollar debt

📝 Our report: A bipartisan bill is on the move to assemble a superhero team, aka a commission, tasked with wrangling the monstrous $34 trillion U.S. national debt. The House Budget Committee said it will hold a work session to debate and potentially vote on the "Fiscal Commission Act of 2023," just weeks after Washington's total public debt breached the $34 trillion mark, putting it at more than 122% of GDP.  

 🔑 Key points:

• Congress last summer brought the nation to the brink of a globally destabilizing default in a showdown over the federal debt ceiling, and will confront a fresh debt deadline at the end of this year.

• The move follows Moody's decision in mid-November to lower its outlook on the U.S. credit rating to "negative" from "stable," citing "political polarization in Congress" over ways to address the debt and the costs of financing it.

• Backers of the bill hope it could help make the national debt a topic of greater discussion during the 2024 presidential campaign.

💡 So what: Addressing the U.S. national debt is of paramount importance, akin to taming a financial Godzilla! A soaring debt can lead to a host of issues, from constraining fiscal flexibility to potentially triggering economic turmoil. It's not just about balancing the books; it's about securing the financial health of the US for the long haul.

Wednesday - U.S. Retail Sales, Fed Vice Chair for Supervision Michael Barr Speaks, Fed Beige Book

Thursday - Atlanta Fed President Raphael Bostic Speaks

Friday - Consumer Sentiment (prelim), San Francisco Fed President Mary Daly Speaks

 📈 Here are 9 investing lessons from the world’s best investor!

🧷 Everything you need to know about life insurance

🤖 OpenAI CEO: Human level AI coming

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📈 2024: The year of IPOs?

WHAT: Nasdaq Inc. is gearing up for an IPO extravaganza with more than 80 companies eager to take the public plunge in 2024, according to Chief Executive Officer Adena Friedman. “We have about 85 companies that have filed to go public on Nasdaq, so it means they are ready for the markets to be open,” Friedman said in an interview with Bloomberg TV from Davos.

WHY: The exchange operator has been navigating a muted environment for initial public offerings which pulled back significantly from a peak in 2021.

✈️ Airline acquisition squashed

WHAT: JetBlue's grand plan to snatch up Spirit Airlines for a cool $3.8 billion just hit some turbulence! A federal judge decided to hit the brakes, agreeing with the U.S. Department of Justice that the deal would reduce the availability of low-priced air tickets.

WHY: The Justice Department, along with Democratic state attorneys general from six states and the District of Columbia, had argued the JetBlue-Spirit deal would lead to fewer flights and higher prices for millions of Americans.

🍔 Burger King acquires biggest franchisee

WHAT: Burger King's owner is flipping the script with a whopping $1 billion cash offer to snag its biggest U.S. franchisee. Restaurant Brands International Inc. said it expects to complete its purchase of Carrols Restaurant Group Inc. by the second quarter and spend another $500 million to remodel 600 of Carrols’ more than 1,000 locations.

WHY: The deal is part of an ongoing plan by Restaurant Brands to invest in new technology, boost advertising spending and enhance the customer experience within stores to boost traffic and reverse years of slumping sales. Restaurant Brands announced an initial $400 million investment in September 2022.

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