Sponsored by Cytophage Technologies

Trump Calls for Scrapping US Debt Ceiling

President-elect Donald Trump called to abolish the federal debt limit framework on Thursday, saying it’s “the smartest thing” Congress could do and pledging to “support that entirely.”

In a phone conversation with NBC News, Trump dismissed the debt ceiling’s significance. “It doesn’t mean anything, except psychologically,” he said, questioning whether exceeding the limit would be “a catastrophe, or meaningless.”

The unexpected proposal complicates budget negotiations in Congress, where lawmakers face a Saturday deadline to avert a government shutdown. Several House Democrats, including Budget Committee ranking member Brendan Boyle, have already proposed similar reforms to the debt ceiling system.

You can read more on the matter here.

What’s going on?

• Trudeau Scrambles to Reshape Cabinet Amid Mounting Criticism (theDeepDive)

• US Congress races to avert government shutdown before weekend (FT)

• Canada to Remove Job Offer Points from Express Entry Immigration System (theDeepDive)

• US hospital operator Ascension says 5.6 million affected in medical data breach in May (Reuters)

• Feeling the Squeeze: Orange Juice Futures Hit Record High Above $5.35/lb (theDeepDive)

• Egg Prices Hit Record as Bird Flu Flares During US Baking Season (Bloomberg)

• Canada Pushes Back Net-Zero Electricity Grid Target to 2050 (theDeepDive)

• What a government shutdown could mean for air travel (CNBC)

• Is Trump Going to Waive Environmental Rules for Mine Projects? (theDeepDive)

• Lost Canadians bill could create 115,000 more citizens, says parliamentary budget officer (Globe)

What’s the latest?

• Student Debt: The Biden administration announced $4.28 billion in student loan forgiveness for 54,900 public service workers, part of fixes to the Public Service Loan Forgiveness program. President Biden has forgiven nearly $180 billion in student debt for 4.9 million borrowers, the most by any U.S. president, despite Republican-led legal challenges blocking broader relief efforts.

• Crypto: Bitcoin dropped 5% to $96,809.61 after falling below $93,000 earlier in the day, following its recent peak above $108,000 this week. The decline aligns with broader market caution as the Federal Reserve signaled fewer rate cuts in 2025, impacting equities and crypto assets. Despite the pullback, Bitcoin has more than doubled this year, driven by factors like the launch of spot ETFs and pro-crypto policies from President-elect Donald Trump. Other cryptocurrencies also declined, with Ether down 9% and XRP dropping 10%.

• Novo Nordisk: Novo Nordisk shares fell 20% after its experimental obesity drug, CagriSema, achieved 22.7% weight loss in a late-stage trial, missing its 25% forecast. Despite this, Novo highlighted that CagriSema outperformed Wegovy in weight reduction and demonstrated potential as a next-generation treatment. The trial, involving 3,400 participants over 68 weeks, allowed flexible dosing, with only 57% reaching the highest dose.

• Retail Sales: Retail sales in Canada rose 0.6% to $67.6 billion in October, driven by a 2.5% increase in vehicle sales. Core retail sales, excluding volatile categories, grew 0.2%, down from a 1.4% gain in September. Gasoline sales fell 0.5%, marking six consecutive months of declines, while furniture and electronics retailers saw a 2.5% increase. Statistics Canada estimates retail sales remained flat in November, signaling a slowdown after Q3 growth.

• BlackBerry: BlackBerry reported a Q3 loss of $11 million, an improvement from the $21 million loss a year ago. Revenue declined to $143 million from $152 million, while diluted loss per share narrowed to $0.02 from $0.05. CEO John Giamatteo highlighted strong performance in cybersecurity and IoT divisions, along with cost-cutting efforts. The company recently agreed to sell its Cylance cybersecurity business to Arctic Wolf.

Agnico Eagle acquires O3 Mining

The stock market and stuff

• El Salvador To Wind Down State Crypto Wallet Under IMF Agreement (theDeepDive)

• Novo Nordisk shares tumble as weight-loss drug trial data disappoints (FT)

• S&P 500 Value Stocks Hit Record Losing Streak (theDeepDive)

• Developers of Viral $HAWK Token Hit with Lawsuit After Sudden Collapse (theDeepDive)

In the juniors

• Global Atomic Signs 3-Year Offtake Agreement For 260,000 lbs Uranium Annually (theDeepDive)

• Headwater Gold Announces Completion of First Pass Drilling at the TJ Project, Nevada (JMN)

• Lithium Chile Enters Binding LOI To Sell Arizaro For C$250 Million, Proceeds To Be Issued To Shareholders Via Special Dividend (theDeepDive)

FULL DISCLOSURE: Cytophage Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cytophage Technologies. The author has been compensated to cover Cytophage Technologies on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.