Posts

Posted on

Nigeria Looks To Boost Oil Production By 310% To 4 Million Bpd

Nigeria, the largest oil producer and exporter in Africa, hopes that its newly adopted petroleum industry law will help it hike its oil production by 310 percent to 4 million barrels per day (bpd), Nigerian Petroleum Minister Timipre Sylva said this week. Nigeria currently produces just below 1.3 million bpd, as per OPEC’s latest official data. The African OPEC member is one of the OPEC producers that have struggled in recent months to pump as much oil as their quota under the OPEC+ deal allows, due to force majeure circumstances at pipelines carrying crude to export terminals.

The Petroleum Industry Act (PIA), which became law in August, will help Nigeria achieve its target to pump 4 million bpd, minister Sylva said at an energy conference, as carried by local outlet Premium Times.

The new law will also allow the country to increase its crude oil reserves from 37 billion barrels to 40 billion barrels, and to extract more gas, which it sees as a key fuel in the energy transition, the minister added. “First is the Focus on Gas. For us, this is at the heart of the energy transition and represents the first step in the journey to renewables away from oil. Already, we have declared that gas is our transition fuel, and also represents a destination fuel, as we envisage that it will be part of our energy mix by 2050, given the vast resources that can be commercialized and utilized,” Sylva said. In the middle of August, Nigerian President Muhammadu Buhari signed the country’s newly passed petroleum bill into law, marking the end of 20 years of efforts at Africa’s top oil producer to overhaul its oil industry. The new petroleum act aims to attract more foreign capital to the country’s oil sector, Nigeria says. The bill took two decades to be finalized, and hopes to overhaul the way Nigeria will share its oil resources with international oil companies as the country looks to attract new in;vestment in oil and gas. NN  Their is no shortage of fossil fuel. OPEC is at it again. Their is a shortage of smart people in power. The grenniewinnnesss made a play to force their green agenda. And they missed the mark. You can have a tantrum stamp your feet but reality is it aint’ gonna happen. The world needs fossil fuels… It took 50 years to electrify America. The internal combustion engine took 100 years to refine  the design and install production infrastructure (repair shops, refineries and gasoline stations) to  become the standard for transportation. It will take 50 years for the EV to be the transportation standard if ever. And its not decided who the winner will be. You have fuel cells and hydrogen still in the race. To changes how the world heats and generates electricity you are looking at 75 years. Most of the world still heats by combustion. Even the heat pump requires electricity generated by mostly coal.  Sure we will get their…. But the way we will go to renewable energy still needs a few more breakthroughs. In the meantime the most abundant  fuel after coal is natural gas. As far as the price of oil… this is a bubble… In fact its more like a blip on the radar screen. I have seen 5 times now oil price collapsing once it goes over $70 a barrel. AS WE SPEAK THE DRILLED HOLES THAT WERE SHUT DOWN OR NEVER PUT IN PRODUCTION ARE ALIVE AGAIN!! And OPEC’S MARKET MANIPULATION WILL FAIL AS IT ALWAYS DOES.

Posted on

China eyes coal output boost, higher power prices to ease shortages

BEIJING/SINGAPORE (Reuters) – China has ordered its two top coal regions to boost output and will allow coal-fired power utilities to charge customers higher prices as the country battles its worst power crunch in years. Inner Mongolia and Shanxi told coal miners to lift combined annual production capacity by more than 160 million tonnes, while China’s cabinet said market coal-fired power prices may now fluctuate up to 20% from base rates, an increase on previous limits, or more for high energy consuming sectors. The pricing adjustment is designed to prevent high energy consumption, state media reported, adding that prices for residential and agricultural users, as well as public welfare initiatives, would be kept stable. Near-record high thermal coal prices and electricity shortages that have prompted power rationing across China have dented the country’s industrial output and threaten its economic growth. Shanxi, China’s biggest coal-producing region, ordered its 98 coal mines to raise annual output capacity by 55.3 million tonnes over the remainder of the year, an official from the provincial government confirmed on Friday in a document reviewed by Reuters. Shanxi will also allow some 51 coal mines that had hit their maximum annual production levels to keep producing in the fourth quarter and to raise capacity by 8 million tonnes, which is expected to add 20.65 million tonnes of extra supply. In China’s No. 2 coal region, Inner Mongolia, an urgent notice dated Oct. 7 from the region’s energy department asked local authorities to notify 72 mines that they may operate at stipulated higher capacities immediately, provided they ensure safe production. A department official declined to say how long the production boost would last. The notice followed a meeting where regional authorities mapped out measures for winter energy supply in response to mandates from China’s cabinet, known as the State Council, the Inner Mongolia Daily reported on Friday. “The (government’s) coal task force shall urge miners to raise output with no compromise, while the power task team shall have the generating firms guarantee meeting the winter electricity and heating demand,” the newspaper said. “This demonstrates the government is serious about raising local coal production to ease the shortage,” said a Beijing-based trader, who estimated the production boost may take two to three months to materialise. The 72 mines in Inner Mongolia, most of which are open pits, previously had authorised annual capacity of 178.45 million tonnes. The notice proposed they increase that by 98.35 million tonnes, Reuters calculations showed. “It will help alleviate the coal shortage but cannot eliminate the issue,” said Lara Dong, senior director with IHS Markit. “The government will still need to apply power rationing to ensure the balancing of the coal and power markets over the winter.” China’s Zhengzhou thermal coal futures were trading up 2.2% at around 1,333 yuan ($207) a tonne as of 1347 GMT in Friday’s night session, not far off a record high of 1,408 yuan struck at the end of last month. Prices of other power-generating commodities have also surged, including fuel oil, methanol and liquefied petroleum gas (LPG). All of which have gained at least 10% from a month ago as power generators scramble for fuel. Inner Mongolia churned out just over 1 billion tonnes in 2020 accounting for more than a quarter of the national total, official data shows. However, that output was down 8% in 2020 and fell each month from April through July this year, partly due to an anti-corruption probe initiated last year by Beijing targeting the coal sector, which led to lower production as miners were banned from producing above approved capacity. Neighbouring Shanxi province had to close 27 coal mines this week due to flooding. Coal inventories at major Chinese ports were at 52.34 million tonnes in late September before a week-long national holiday that started Oct 1, down 18% from a year earlier, data compiled by China Coal Transportation and Distribution Association showed. To ensure power and heating supply to residential users, China has reopened dozens of other mines and approved several new ones The government has also called for “appropriately” raising coal imports to levels on par with last year, analysts said, after imports fell nearly 10% in the first eight months. It has even released Australian coal from bonded storage despite a nearly year-long unofficial import ban, and utilities have tapped rare supply sources such as Kazakhstan and the United States. Meanwhile, coal consumption is climbing in northeastern China as the winter heating season has arrived, with major power plants holding average stockpiles of around 10 days’ use, down from more than 20 days last year Citi predicted that the squeeze would persist, forcing China to require a 12% cut in industrial power use in the fourth quarter – more in the event of a cold winter. “This would increase stagflation risks and growth pressures on the Chinese and global economy over the coming winter,” Citi analysts wrote in a note. Despite the announced output increase from Shanxi and Inner Mongolia, not much is expected to be added in time for this winter, analysts and traders said. Analysts from Guosheng Securities expect China’s thermal coal shortage to top 116 million tonnes in 2021, despite some 31 million tonnes in newly approved capacity gradually coming on line from the fourth quarter. “More (announcements to boost coal output) will be needed and we expect it to come,” said James Stevenson, coal analyst from consultancy IHS Markit, adding that China has used all its main tools to push domestic supply and manage demand. Benchmark spot thermal coal prices in the northern port of Qinhuangdao hit a record high of 1,079 yuan a tonne in late September. As coal prices rise, more power plants are seeing their balance sheets fall into the red and even face shutting down.

Posted on

US Jobs Report a big MISS only 194,000 jobs expectations were for 500,000 plus

Employers added only 194,000 jobs in September, most of those were government jobs. well below expectations and the second weak month in a row, the Labor Department reported on Friday. The unemployment rate, meanwhile, fell to 4.8% from its prior 5.2%. The number was well below expectations of around 500,000 jobs and follows the paltry 235,000 jobs added in August. While private employers added 317,000 jobs in the month, government employment fell by 123,000. While nearly 11 million jobs are currently open, businesses report considerable difficulty filling them. The economy has recovered more than 18 million of the 22 million jobs lost last year from the coronavirus pandemic. But the recovery in jobs has been uneven, with women and minorities and those with less than a college degree lagging others. Changes in the country’s demographics, along with technological advancements and restrictive immigration policies have all combined to make this the tightest labor market in decades. The weak number for September will complicate matters for the Federal Reserve Board as it seeks to withdraw its monetary support from the economy. Analysts believe the central bank will soon begin curbing its $120-billion-per-month purchases of Treasuries and mortgage-backed securities which have kept interest rates subdued. But that is contingent on continued improvement in the labor market. “It is unsettling to see that the September jobs numbers failed to meet expectations, as people were optimistic that fall reopenings would usher in a return to economic normalcy,” says Steve Rick, chief economist at CUNA Mutual Group. “Unfortunately, this is not completely surprising after the highly disappointing August report and persistent uncertainty around COVID variants.” NN: Its the covid19. Not lockdowns…. worse Its shutdowns. The powers that be are scared about the masses in open revolt over lockdowns and vaccines. So a decision has been made. Set the captives free and let then have their mass spreader events. If their is going to be isolation and vaccine mandates let the private sector do it. In essence they will let the plague decide who will live and who will die. I wonder how many of you realize infections, hospitalizations and deaths are at record highs….. The reason business cannot find workers is many of them have died, are sick or rightly so to scared to chance a job…. The report explains what is going on… It shows few jobs created. Their are not enough willing workers and vast numbers of people  are opting not to risk going to work. And this hell will not be over until 80% of the population has their third shot and the kiddies get jabbed…

 

Posted on

Studies confirm waning immunity from Pfizer vaccine

 

Two real-world studies published Wednesday confirm that the immune protection offered by two doses of Pfizer’s Covid-19 vaccine drops off after two months or so, although protection against severe disease, hospitalization and death remains strong. The studies, from Israel and from Qatar and published in the New England Journal of Medicine, support arguments that even fully vaccinated people need to maintain precautions against infection. One study from Israel covered 4,800 health care workers and showed antibody levels wane rapidly after two doses of vaccine “especially among men, among persons 65 years of age or older, and among persons with immunosuppression.” “We conducted this prospective longitudinal cohort study involving health care workers at Sheba Medical Center, a large tertiary medical center in Israel,” Sheba’s Dr. Gili Regev-Yochay and colleagues wrote. The researchers noted that levels of so-called neutralizing antibodies — the immune system’s first line of defense against infection — correlate with protection against infection, but for this study they studied only antibody levels. “Published work about many vaccines, such as those against measles, mumps, and rubella, has shown a small decrease each year of 5 to 10% in the neutralizing antibody levels,” they wrote. “We found that a significant and rapid decrease in humoral response to the BNT162b2 vaccine was observed within months after vaccination.” The study also indicated that immunity for people who get vaccinated after natural Covid-19 infection lasts longer. It’s especially strong for people who recovered from infection and then got vaccinated, also. “Overall, the accumulating evidence from our study and others shows that long-term humoral response and vaccine effectiveness in previously infected persons were superior to that in recipients of two doses of vaccine,” they wrote. A second study from Qatar looked at actual infections among the highly vaccinated population of that small Gulf nation. People there mostly got Pfizer/BioNTech’s vaccine, also known as BNT162b2. “BNT162b2-induced protection against infection builds rapidly after the first dose, peaks in the first month after the second dose, and then gradually wanes in subsequent months,” Laith Abu-Raddad of Weill Cornell Medicine-Qatar and colleagues wrote. “The waning appears to accelerate after the fourth month, to reach a low level of approximately 20% in subsequent months,” they added. Nonetheless, protection against hospitalization and death stayed at above 90%, they said. The waning protection may involve behavior, they noted. “Vaccinated persons presumably have a higher rate of social contact than unvaccinated persons and may also have lower adherence to safety measures,” they wrote. “This behavior could reduce real-world effectiveness of the vaccine as compared with its biologic effectiveness, possibly explaining the waning of protection.” But it’s a signal that countries should prepare for fresh surges of Covid-19. “These findings suggest that a large proportion of the vaccinated population could lose its protection against infection in the coming months, perhaps increasing the potential for new epidemic waves,” they wrote. Pfizer has been arguing that immunity from the first two doses of its vaccine begins to wear off after a few months. Last month, Pfizer won authorization from the US Food and Drug Administration for booster doses of its vaccine for some six months after people finish their first two doses. The US Centers for Disease Control and Prevention recommended that people older than 65, people with conditions making them more susceptible to getting seriously ill with breakthrough infections, and people at high risk of infection such as health care workers and prison inmates get boosters. Israel has been boosting its entire population and now says it will require people to have had a third shot to be considered fully vaccinated. In the United States, more than 6 million people have received a third dose of vaccine and average the pace of booster shots is higher than the rate of people getting vaccinated for the first time, according to CDC data.

Posted on

US stocks close higher on debt-ceiling extension and upbeat jobs data

US stocks closed higher as congressional lawmakers reached a deal to increase the debt ceiling in the short term. The agreement, according to reports, will extend the debt ceiling through early December. Also helping sentiment on Thursday — weekly jobless claims fell sharply last week as the enhanced unemployment benefits ended. Initial filings for unemployment benefits totaled 326,000 for the week ended October 2, below the 345,000 estimates and a drop from the previous week’s 364,000. On the day, the Dow Jones Industrial Average increased by 337 points, or 0.98%, to 34,754, while the S&P 500 rose 0.83% to 4,399. And the tech-heavy Nasdaq jumped 1.05% to 14,654.

Posted on

Democrats and Republicans agreed debt limit deal to December…… Markets Celebrate

WASHINGTON — The U.S. Senate on Thursday took a step toward passing a $480 billion increase in Treasury Department borrowing authority, a move that would avert a catastrophic debt default later this month but set up another partisan showdown in early December.  Democratic Senate Majority Leader Chuck Schumer is aiming to hold an important procedural vote on Saturday that could clear the way for passing the debt limit increase. That vote could come sooner if all 100 members of the Senate, which is evenly split between Democrats and Republicans, agreed to speed up the process. If the legislation clears the first hurdle to limit debate on the bill, as expected, the Senate would then be poised to vote on raising the debt ceiling to $28.9 trillion from the current $28.4 trillion. Senate passage could come as late as Sunday or Monday if any senator insists that all available debate time be used. But Schumer held out hope for faster action.

“We have reached agreement to extend the debt ceiling through early December and it’s our hope we can get this done as soon as today,” Schumer said.

There were early signs of resistance from some Republicans.  Senator John Cornyn told reporters there were objections raised from “one or more” Republican senators, but he did not know whether that might create delays in passing the bill. Senate Republicans huddled in a closed-door lunch to determine whether they would allow the vote to be expedited, Cornyn said. Washington’s debt limit troubles are unlikely to be resolved even with passage of a stop-gap increase. Senate Republican Leader Mitch McConnell is still expected to insist that the next debt limit increase in December be achieved through a complicated “budget reconciliation” process that is time-consuming but will allow for passage without any Republican support. Democrats adamantly have rejected such a process for dealing with the debt ceiling as too unwieldy and establishing a bad precedent. Referring to the deal providing a debt limit reprieve until December, McConnell said in a Senate speech: “Now there will be no question. They’ll (Democrats) have plenty of time” to pass the next increase using reconciliation. Democrats had been trying to pass legislation that would have raised the debt limit through the end of 2022 but Republicans blocked that effort. Without congressional action, the Treasury Department has forecast that it will run out of ways to pay all of its bills and meet its debt obligations by Oct. 18. While the deal relieves debt limit pressures for now, it adds to the high-stakes, partisan battles that Congress will be waging through the end of the year. Democrats want to pass two massive spending bills that make up much of Biden’s domestic agenda in the coming weeks, including a multitrillion-dollar social policy package and a $1 trillion bipartisan infrastructure bill. It also faces a deadline for funding the government beyond Dec. 3. The partisan debt limit fight raised Republican fears that Democrats might change a rule https://www.reuters.com/world/us/us-senate-filibuster-looms-large-leaders-seek-debt-ceiling-deal-2021-10-06 known as the filibuster that requires a supermajority of 60 votes for most legislation to advance if the debt issue were not resolved. The 50-50 split in the Senate has allowed Republicans to use the filibuster to block Democratic efforts to suspend the debt limit as well as other initiatives.

Biden said late on Tuesday that Democrats would consider making an exception to the filibuster https://www.reuters.com/world/us/what-is-us-senate-filibuster-why-is-everyone-talking-about-it-2021-10-06 to hike the debt ceiling and defend the economy. (Reporting by Susan Cornwell, David Morgan and Makini Brice; Writing by Richard Cowan; Editing by Scott Malone, Chizu Nomiyama and Sonya Hepinstall)

Posted on

Ivermectin or Molnupiravir…… That is the question….. After your vaccinated hopefully 3 times

This is an interesting twist in the theraputics war. Everybody knows about Ivermectin; its been around forever and has a remarkable safety record. Unfortunately it has been denigrated at least as much as hydroxychloroqine to the point that most people don’t know what to believe. Ivermectin was originally produced by Merck, but has been off patent for a long time. Now Merck has produced a new antiviral pill, Molnupiravir, that has done quite well in initial clinical trials. Of course this is ONE clinical trial, performed by Merck.  There hasn’t been much interest by Big Pharma on doing clinical trials on Ivermectin, possibly for a number of reasons, but the one that stands out is that it’s cheap and the patents have long ago expired. No Billions to be made there. Most of the epidemiological work on Ivermectin has been done in the third world or by enterprising groups of physicians (FLCCC comes to mind, but there are others as well). Also, a very good peer reviewed meta-analysis has been published in the “American Journal of Theraputics”  Molnupiravir claims about a 50% success rate at keeping people out of the hospital, with perhaps an impact on disease severity if a person is hospitalized (I’m inferring this based on Merck’s report that nobody in the treatment group died whereas a few people in the control group died). Interestingly, this trial was stopped early on ethical grounds; a placebo treated control group was considered unethical because additional untreated subjects would certainly die in the control group. For Ivermectin, it’s difficult to put a success rate on the same endpoint because there have been lots of studies, of varying quality, done with results that vary a lot.  Ivermectin is around 62 odd percent effective with the same endpoint. Some studies show Ivermectin to be effective even with very sick patients but there be methodological issues with these (non-randomization, non-comprability of groups, etc.) and I would not be comparing apples to apples by assessing efficacy with Molnupiravir. NN a interesting part of this antiviral war is the fact that Ivermectin is a drug Merak invented that is off patent and sold as a  Generic available in third world countries for pennies a pill and Mclinupravir cost $100 a pill. This newly release study was very enlightening to me. I read it as i took my twice weekly dose of ivermectin. Let me quote for the study:

“As most but not all double blind studies, and meta-analyses, have shown benefits of ivermectin in COVID19 including 56% mortality reduction [11], and given the complimentary pharmacokinetics and
pharmacodynamics of the drugs, direct head -to -head comparison of molnupiravir and ivermectin, in blinded randomized clinical trials are needed.
or cytokine release.  1. Painter WP, Holman W, Bush JA, Almazedi F, Malik H, Eraut

This is a short read. In the study are boxexs that show detailed comparisons of the two medicines….

Comparison Molnupiravir and Ivermectin

Posted on

Merck prices Molnupiravir at a 4000% mark up

Merck is the Big Pharma company producing an experimental antiviral pill for Covid-19 treatment is accused of selling the drug to the US at 40 times the cost of its production, found a report. Molnupiravir, manufactured by pharmaceutical company Merck, has entered into a contract with the US government to supply 1.7 million courses at a price of $700 per course.

An analysis of drug pricing by Harvard School of Public Health and King’s College Hospital in London found that it takes about $17.74 to produce a five-day course.

The pill, hailed as a breakthrough in the treatment of coronavirus, was originally developed to treat influenza using government funds. The antiviral drug could halve the chances of dying or being hospitalised for those most at risk of contracting severe Covid-19. The medicine is designed to introduce error in the genetic code of the virus itself and is the first oral antiviral medication for Covid-19. Defense Threat Reduction Agency, a body under the Department of Defence, invested in a “broad-spectrum antiviral, leading to the discovery of molnupiravir through collaborative research” with Merck, Emory University, Ridgeback Biotherapeutics and National Institute of Health. The government originally provided Emory University with $29mn in grants between 2013 to 2020, reported Axios. But the federal government declined to put more money into the drug until there was more data. In May 2020, Merck bought the exclusive rights to sell and manufacture the drug worldwide. Despite the government’s investment, the company plans to seek emergency use authorisation in the US in the coming weeks, will reap the profits alongside Ridgeback and could earn as much as $7bn by the end of this year, reported <em>Quartz</em>. While critics have argued that the prices should be subsidised due to the funding from the government exchequers, in an interview with <em>CNBC</em>, Ridgeback co-founder Wendy Holman defended the prices saying that while the company asked for, they “never got government funding” to help manufacture the drug before they turned to Merck. Merck had earlier said that it will “implement a tiered pricing approach based on World Bank data that recognizes countries’ relative ability to finance their health response to the pandemic.” It has already entered into licensing agreements with at least eight companies in India including Aurobindo Pharma, Cipla, Dr Reddy’s Labs, Emcure Pharmaceuticals, Hetero Labs, Sun Pharmaceuticals, Torrent Pharmaceuticals and Viatris. This would allow each company to make and sell the drug in India and 100 other low and middle-income countries. NN: I do not get into a tizzy fit by this kind of shit. We all know that drug companies and Wall Street to name a couple are out to screw us… so So SO. Its all started since Adam got fucked when Eve in the first documented conspiracy colluded with the snake. And we got fucked….

Because thou hast hearkened unto the voice of thy wife, and hast eaten of the tree, of which I commanded thee, saying, Thou shalt not eat of it:

cursed is the ground for thy sake; in sorrow shalt thou eat of it all the days of thy life; Thorns also and thistles shall it bring forth to thee; and thou shalt eat the herb of the field; In the sweat of thy face shalt thou eat bread, till thou return unto the ground; for out of it wast thou taken: for dust thou art, and unto dust shalt thou return.

What you believe is your business. But the point of this story is the fact that the Thorns and thistles grow in my fields. No fertilizer, no water and no cultivation. Early in life when i was sent to the “punishment” farm my first job was cutting thickets with a hoe. My hands were blistered and bloodied……. So i believe this shit. I always wondered would it not be a wonderful world if corn and wheat would grow like weeds……..

SO the point of my story is we are not going to change things. So instead of a tizzy fit i learned how to trade a corrupt market and make millions. As far as big Pharma….. I do not care what they charge because i am smart enough to get the medicines I decide to take. And i can steal enough money from Wall Street to pay the going rate for medicines, food and women. I am not going ta waste my time fighting a losing battle in futile attempt to change a system that has been stacked against me since dirt was created. I have learned how to out think the bastards. And I know how to beat them at their own game. And i am glad you have joined me… and besides it more fun my way….

Posted on

US debt ceiling compromise on the horizon…….. US closes higher amid debt ceiling talks

“Republicans and Democrats in Congress opened the door to a temporary solution to the debt ceiling issue, saying they would consider a stop-gap measure extending the borrowing limit until December. “ “A Senate vote might follow today. While the deal merely postpones the default risk until the year-end, it at least removes another downside risk to market sentiment in the near-term. US treasury yields retreated somewhat from their highs.”

US closes higher amid debt ceiling talks

Major United States stock markets closed higher on Wednesday as the debate on the debt ceiling continued. President Joe Biden met with business leaders and CEOs to discuss the matter, with chief officers of Nasdaq and JPMorgan Chase warning against the dangers of defaulting, and Secretary of the Treasury Janet Yellen saying it could “cause a recession.” Notably, Biden and Xi agreed to meet virtually by the end of the year, with both sides reporting willingness to avoid conflict. The Dow Jones rose 0.30% as Microsoft Corp increased 1.51%, while S&P 500 gained 0.41% with Enphase Energy jumping 4.19%. The Nasdaq 100 ended the session 0.63% in the green led by Marvell Technology gaining 7.34%. The euro dropped 0.34% against the dollar to trade for $1.15578 at 4:06 pm ET. NN: I am amendment they will raise the debt ceiling they always do. So to me this is not a selling moment but a bear trap. It is rare for me to stand aside this long.But it does happen.  In reviewing my trade ledger i found something interesting. Before most every major wipe out its has not been uncommon for me to stand aside for a time. It happened in 1987, 2001 and 2008….. To be clear here i expect a relief rally when they announce a deal on the debt ceiling. And another leg up when they announce the stimulus bill passing. Then we will start operations…

Posted on

McConnell suggests short-term debt limit increase

Senate GOP leader Mitch McConnell is offering Democrats an agreement on raising the U.S. debt ceiling through November, alleviating the immediate risk of a default. The proposal would push back the partisan confrontation over the debt ceiling but not resolve it. It would increase the ceiling by a fixed dollar amount that would be sufficient to tide the Treasury over until December. “This will moot Democrats’ excuses about the time crunch they created and give the unified Democratic government more than enough time to pass standalone debt limit legislation through reconciliation,” McConnell said in a statement. Stocks rose on the news, reversing an earlier decline, as investors reacted with relief to the prospect of dodging a crisis. The S&P 500 Index hit a session high, rising 0.2 per cent at 2:13 p.m. in New York. Senate Majority Leader Chuck Schumer hasn’t received an offer according to a spokesman, who declined to comment about whether Schumer would agree to it.Schumer plans to hold a procedural vote Wednesday to advance a bill that would suspend the debt ceiling until December 2022. Republicans are expected to block it. McConnell is demanding Democrats raise the debt limit using a more cumbersome process known as reconciliation that is being employed for legislation to enact much of President Joe Biden’s agenda and exempts it from any GOP filibuster. Schumer has said there isn’t enough time to use reconciliation, but a short term increase in the ceiling would provide that time.Budget experts have said using reconciliation would take about two weeks. Treasury Secretary Janet Yellen projects that the U.S. will reach its limit on sovereign debt on about Oct. 18. The Bipartisan Policy Center think tank on Wednesday put the estimated date of a payment default between Oct. 19 and Nov. 2. A default could have catastrophic results for the economy that include raising the cost of borrowing by driving up interest rates, rattling financial markets and delaying Social Security payments to the elderly. NN: This is very bad Washington theater… Their will be no default!!