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The Democrats’ victory in both chambers of Congress gave the party a greater role in negotiating with President Donald Trump over raising the debt ceiling, but it does not guarantee lower borrowing costs. Congress cannot enact its fiscal policies over a presidential veto without agreement or a two-thirds majority. The U.S. deficit reached $2 trillion in the fiscal year that ended on September 30, while foreign governments and central banks shifted from buying $75.1 billion in Treasury bonds to selling $89.5 billion over two consecutive 12-month periods. The article concludes that removing the risk of a debt-ceiling confrontation could calm markets, but sustainably lowering borrowing costs requires a joint plan to reduce the deficit.
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