🛑 Is A US Government Shutdown Imminent?

Good morning. US stock futures dipped in Monday morning trading as investors look ahead to inflation data and big bank earnings.

📉 US Congress reaches trillion dollar deal on government funding

📝 Our report: US Congressional leaders just pulled a $1.59 trillion rabbit out of the spending hat! The new funding deal provides the US government with some wiggle room as it races to avoid a potential shutdown.  

 🔑 Key points:

• The deal establishes an overall spending budget of $1.59 trillion for the 2024 fiscal year, allocating $886 billion to military spending and $704 billion for non-defense spending, said Republican House Speaker Mike Johnson.

• The deal comes as the House and Senate inch closer to a key Jan.19 deadline, when funding runs out for many federal agencies.

• In coming to the deal a number of concessions were made including a $10-billion cut to IRS mandatory funding under the inflation Reduction Act and a $6.1 billion reduction of the “COVID-era slush funds.”

💡 So what: Avoiding a government shutdown is crucial for several reasons. First and foremost, a shutdown disrupts essential public services, affecting citizens, businesses, and federal employees. It can lead to delayed payments, furloughs, and economic uncertainties. Additionally, it harms the government's credibility and can have repercussions on financial markets.

Monday - US Consumer Credit

Tuesday - US Trade Deficit

Wednesday - New York Fed President John Williams Speaks

Thursday - US CPI

Friday - No Major Economic News

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💳 US credit card debt continues to climb

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🛑 Radio company files for bankruptcy

WHAT: Audacy, the radio and podcast bigwig, is doing the financial limbo and filing for Chapter 11 bankruptcy protection to shed some debt weight. The company cited “the perfect storm” over the past four years of macroeconomic challenges “facing the traditional advertising market” led to a sharp reduction in radio ad spending.

WHY: The restructuring agreement will allow Audacy to slash its total debt load by 80% to about $350 million from around $1.9 billion, the company said in a statement. The company owns hundreds of radio stations and is one of the top radio broadcasters in the U.S.

🚙 Automakers plans Canadian EV plant

WHAT: Honda Motor Co is mulling over the idea of dropping an electric vehicle plant in Canada, throwing around a whopping 2 trillion yen (or $13.83 billion) in what might be one of their biggest spending sprees yet. Battery powered vehicles accounted for less than 0.5% of Honda's worldwide sales of about 2.8 million cars over the first nine months of 2023, according to company data

WHY: Canada's industry minister's office said in a statement to Reuters that reports about Honda looking to make a significant investment in Canada speaks to the quality of the country's workforce and the strength of its industry.

🔨 Trade group sues over limiting kids’ social media use

WHAT: Tech titans, including TikTok, Snapchat, and Meta, are teaming up to give Ohio's new parental consent law for social media a legal side-eye. The NetChoice trade group is suing the state of Ohio over a pending law that requires children to get parental consent to use social media app.

WHY: The litigation argues that Ohio’s law — which requires social media companies to obtain a parent’s permission for children under 16 to sign up for social media and gaming apps — unconstitutionally impedes free speech and is overbroad and vague.

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