Biden and McCarthy Reach Deal to Raise Debt Ceiling and Avoid Default
After months of stalemate, President Joe Biden and House Speaker Kevin McCarthy reached a deal to raise the debt ceiling and avoid a potentially catastrophic government default.Overall, the deal is a modest compromise that includes some spending cuts and new work requirements, but avoids the potential for a catastrophic economic crisis. It remains to be seen how the use of the [...]
President Biden and House Speaker Kevin McCarthy have reached an agreement in principle to raise the…
President Biden and House Speaker Kevin McCarthy have reached an agreement in principle to raise the nation's debt ceiling and avoid a potentially disastrous government default.0. "McCarthy and Biden's debt ceiling plan faces a big test" Axios, 28 May. 2023, https://www.axios.com/2023/05/28/mccarthy-biden-big-debt-ceiling-test1. "Here's What's in the McCarthy-Biden Deal on the [...]
The Looming Deadline: What Could Happen if the US Fails to Raise the Debt Ceiling by June 5th?
The United States is facing a looming deadline of June 5 to raise the debt ceiling, and failure to do so could lead to catastrophic consequences for the economy. If the debt ceiling is not raised, the U.S. government will not have the legal authority to pay for spending it has already committed to, such as Medicare and Social Security payments.0. "What’s The Deal With The Fig [...]
The Looming US Debt Ceiling Crisis: Negotiations, Consequences, and Potential Outcomes
The United States is facing a looming crisis as the deadline to raise the debt ceiling approaches. Negotiations between the White House and Republican lawmakers are ongoing, with both sides seeking to strike a deal that would stave off a catastrophic default. However, the talks have been contentious, with Republicans demanding spending cuts in exchange for their support for rai [...]
Fitch Places US “AAA” Credit Rating on Negative Watch Amid Debt Ceiling Impasse
Fitch, one of the top three credit rating agencies along with Moody’s and S&P, has placed the US “AAA” on “rating watch negative,” signalling that it could downgrade US debt if lawmakers do not agree on a bill that raises US Treasury’s debt limit.In conclusion, the US is in danger of losing Fitch Ratings' top sovereign debt status due to "increased political par [...]
The US Debt Ceiling Crisis: Will Biden Invoke the 14th Amendment?
As the US approaches its debt limit deadline, some Democrats have urged President Biden to consider using the 14th Amendment to circumvent the debt ceiling by declaring it unconstitutional. The 14th Amendment states, “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressi [...]
US Faces Potential Economic Crisis as Debt Limit Deadline Approaches
The United States is facing a potential economic crisis as Treasury Secretary Janet Yellen warned that the government may run out of money to pay its bills as early as June 1st. The clock is ticking, and political leaders must come to an agreement to prevent a default on the government's debt.0. "Yellen Says It's Now 'Highly Likely' US Out of Cash Early June" Bloomberg, 22 May. [...]
The U.S. Debt Ceiling Approaches: Will Biden Invoke the 14th Amendment?
As the United States approaches its debt ceiling, President Joe Biden is considering the use of the 14th Amendment to circumvent the issue. The 14th Amendment states that “the validity of the public debt, authorized by law…shall not be questioned,” which some legal scholars argue gives the Treasury Department the ability to keep borrowing money past the current $31.4 tril [...]