Monday, May 29, 2023

The United States is getting closer and closer to financial default

And therefore not accepting the plan to lift the debt ceiling USA by the Republican Congress of this country, Secretary of the Treasury Department, Janet Yellen He warned that the US nation could run out of cash by June 1 of this year.

According to the official, the risk is that the US is running out of money to cover public obligations; therefore the state could fall into default.

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According to Yellen’s letter sent to Congress, “these estimates are based on available data, and federal revenue, spending and debt estimates may vary from these estimates. I will continue to update Congress as more information becomes available,” she said.

However, the secretary was informed by previous experiences of making this type of decision; Delaying suspending or paying off a debt term until the last minute can cause serious damage to businesses and consumer confidence.

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Also, it can increase short-term borrowing costs and negatively affect the credit rating of the United States.

“We have already seen Treasury borrowing costs rise substantially for securities maturing in early June. If Congress does not increase the debt limit, it will cause serious harm to American families, damage our global leadership position, and cast doubt on our ability to protect our national security interests,” said Yellen.

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US House of Representatives Speaker Kevin McCarthy showed Twitter because he was on the phone when President Joe Biden His place has not changed.

“Washington can’t save money at the expense of children and we don’t have grandchildren,” McCarthy emphasized.

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For his part, President Biden said that after the meeting with the Speaker of the House of Representatives; They insist that non-compliance is off the table and the only way forward is in “good faith” to a bipartisan agreement.

“When there are areas of disagreement, the Speaker and I, and your top negotiators, President McHenry and Congressman Graves, and our staff continue to move forward from the road,” he said.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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