Leaky roof… Last week the Senate raised the $28T debt ceiling by $480B, preventing a historic and “catastrophic” default, for now. Lawmakers will need to go back to the drawing board to make a long-term plan in December. One solution: The President could order the Treasury to mint a trillion-dollar platinum coin to help offset the nation’s debt. The idea emerged a decade ago but was nixed over inflation worries. TBD if it will happen.
Lifting off... Flights to Cabo still haven’t returned to pre-pandemic levels, but US airline travel is poised to rev up during the holidays. United Airlines said it planned to offer 91% as many domestic flights in December as it did the same month in 2019. Delta said US business traffic is starting to grow, and next year could be its best year since before the pandemic. Flight searches for holiday trips are also up 16% compared to 2019. We’ll see if Delta concerns change airlines’ outlook.