"Careening towards BANKRUPTCY"

DeSantis opposes debt deal ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Nothing is certain, but it looks like the debt deal is going to pass the House. The House Rules Committee made it to the floor on a 7-6 vote. Two Republicans opposed it. The question is whether Speaker Kevin McCarthy (R-CA) knew he had the votes before he made the deal with the president. Obviously he thinks he did - if the deal fails, the Speaker will have lost all credibility and would probably have to resign his position. But he is speaking for members of a caucus that are not eager for any deals. Former president Donald Trump, still the favorite for the GOP nomination, said recently that Republicans would have to go to a default if they don't get massive cuts. Gov. Ron DeSantis of Florida, Trump's strongest challenger at this point, has also come out against the deal. "Prior to this deal, our country was careening towards bankruptcy, and after this deal, our country will still be careening towards bankruptcy, and to say you can do 4 trillion of increases in the next year and a half, I mean, that's a massive amount of spending," he said. He called the current response "totally inadequate." Some members of the House Freedom Caucus have already said they are willing to strip Kevin McCarthy of the Speaker's gavel over this deal. "Absolutely," said Rep. Dan Bishop of North Carolina. "It is inescapable to me. It has to be done." Rep. Matt Gaetz, important not just because of his grassroots reputation but because he's from DeSantis's state of Florida, is also floating an "immediate motion to vacate" if the Speaker can't win a majority of the GOP caucus on this deal. Yet it is easy to see this as so much noise, a congressional form of political virtue signaling. Few Republicans want to see the GOP be pinned with the blame if the United States defaults on its debt. The ideal position is for conservatives to be able to criticize the country's continued out-of-control spending, while dodging responsibility for short-term disaster. A default would be a disaster. But is a longer-term catastrophe inevitable? Yeah, pretty much. You would need to figure out a way for a political party to take the hit for large entitlement, military, and other budget cuts, probable tax hikes, and reduced economic growth. Maybe some or all of that is the right thing to do for the country - that doesn't make it an electable position. When that day of fiscal judgment comes - and it will - America's political system will suffer. But I don't think Doomsday is coming anytime soon. Keep Moving, P.S. Markets are jumping all over the place right now which is ideal for options trading. My friend Jeff Williams over at Raging Bull is opening up his Market Navigator chat room today - FREE OF CHARGE! Jeff is fresh off a 1255% win on NVDA and wants to share his strategies with you - again, totally free! [Join him HERE right NOW - he is already in the room and will be there until 4pm!]( WORD ON THE STREET Debt Agreement Clears Committee As Conservatives Growl - 20 Republicans Oppose Debt Deal - The Republican party is suffering some defectors as Speaker Kevin McCarthy tries to advance a compromise on raising the debt limit in order to avoid a default. At least 20 GOP members say they will oppose the deal, but conservatives on the House Rules Committee were unable to prevent the bill from going to a full vote on the floor. - NVDA Briefly Breaches $1 Trillion Mark - Nvidia (NVDA) is continuing its run to become one of the most iconic companies in the world, hitting over $1 trillion of market cap before retreating slightly. NVDA has been booming ever since it upped its revenue forecast for the year and beat earnings expectations. NVDA is predicting $11 billion in sales for the second quarter of fiscal 2024 - Theranos CEO Heads To Prison - Once highflying CEO Elizabeth Holmes reported to a minimum-security prison in Bryan, Texas to serve a sentence of more than 11-years. She was recently found guilty of four counts of defrauding investors. So much for the next big thing. - Pipeline Stock Depends On Political Deal - Equitrans Midstream Corp. (ETRN) was up more than 34% yesterday and the reason is simple - West Virginia senator Joe Manchin. A provision in the debt deal would allow ETRN's Mountain Valley Pipeline to be completed more quickly. Fellow Democrat Senator Tim Kaine is angry about the deal, saying it has nothing to do with the debt and is "completely unrelated" to the deal. Well, welcome to DC. HOT SPOTS: What's Going on in Geopolitics - Moscow Hit By Drone Swarm - A swarm of drones was shot down in the Russian capital after Ukraine retaliated for an attack against Kyiv. One Russian legislator called it the worst attack on Russia since World War II. - North Korea Admits Failure In Satellite Mission – A "Chollima-1" rocket failed to put North Korea's first spy satellite in orbit. Alarms sounded in South Korea as the launch took place, and South Korea, Japan, the United States and other powers condemned the launch. - China Holds Sensitive Data For TikTok Stars - According to Forbes, the personal financial information of many of TikTok's largest performers are being held in China. TikTok CEO Shou Zi Chew had testified "American data has always been stored in Virginia and Singapore in the past, and access of this is on an as-required basis for our engineers globally." CUTTING EDGE: What[']( Happening In Tech - Letter Claims AI Poses "Extinction Risk" - Dozens of experts including OpenAI's Sam Altman said the regulation of AI should be "a global priority alongside other societal scale risks such as pandemics and nuclear war." The letter also broached the "risk of extinction." Well, in the face of that threat, I'm sure a few government rules will solve the problem, just like it has all the others. - Twitter Valuation Has Plummeted – Fidelity estimates that Twitter's value is just 33% of what Elon Musk has paid for it. Musk has already admitted that Twitter is worth less than half of what he paid. Let this be a lesson against impulse buys! - First AI Court Filing Ends In Disaster - Judge Brantley Starr is a federal judge in Texas and he is not happy about an AI making arguments in his court. A lawyer named Steven Schwartz tried to let ChatGPT do "supplemental research" for him - but all it did was find several nonexistent cases. Now, Judge Starr has issued a statement saying lawyers must file a statement attesting "no portion of the filing was drafted by generative artificial intelligence." Don't mess with Texas FOR YOUR CONSIDERATION --------------------------------------------------------------- "The hated foe after September 11, 2001, few would have expected the Taliban to become a de facto American ally." "But here we are." America needs to put pressure on Russia's ally Iran, but U.S. allies in the region are few. Of course, there is a surprising new option for Washington if it is willing to make peace with an old enemy. Mr. X reports. [AMERICA'S NEWEST ALLY... THE TALIBAN?]( Enjoying Dawn Report? Learn something, made some money? SHARE YOUR STORY WITH US OR TELL US HOW TO SERVE YOU BETTER. Let us know at info@rogueinvesting.com You’re receiving this email because you're signed up for alerts from Dawn Report. Make sure to keep them coming by [whitelisting Rogue Investing](. The information in this email is intended for informational purposes only and does not guarantee specific results as there is a high degree of risk involved with trading. 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