New YorkCNN—You might expect the stock market to rise after the White House and House Republicans reached a tentative deal to raise the debt ceiling, but markets may have other plans. The stock market, for the most part, has ignored the serious risks associated with the US defaulting on its debt. Even if Congress passes a bill to raise the debt ceiling and President Joe Biden signs it, stocks and other financial markets could take months to recover. In 2011, lawmakers reached an agreement to raise the debt ceiling hours before the U.S. defaulted on the debt. “We’re not out of the woods because we’ve raised the debt ceiling,” Mateo told CNN.

Source: CNN May 29, 2023 02:07 UTC