The House of Representatives has passed a bill to raise the United States’ debt ceiling while also cutting some government spending over the next two years.[0] This is a major victory for both the White House and Republican leaders, as the country was at risk of a historic default on its bills.[1] The compromise deal […]
Continue reading China’s official Manufacturing Purchasing Managers’ Index (PMI) fell to 48.8 in May, its lowest in five months and below market expectations of 49.4.[0] This is the second consecutive month that the reading has fallen below the 50-point mark that separates expansion from contraction.[1] The non-manufacturing PMI also fell to 54.5 in May from 56.4 in […]
Continue reading 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.[0] The agreement suspends the nation’s $31.4 trillion borrowing limit until Jan. 2025, allowing the Treasury Department to borrow as much money as needed to pay the nation’s bills […]
Continue reading 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] The agreement includes a debt ceiling extension through 2025 and some spending cuts, expected to cut federal spending by about $650 billion over the next decade.[1] However, the bill’s […]
Continue reading 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 […]
Continue reading 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 […]
Continue reading 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.[0] This warning from Fitch reflects the increasing concern over the political […]
Continue reading 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 […]
Continue reading 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.[0] In a letter to lawmakers, Yellen stated that it is highly likely that Treasury will no longer be able to satisfy all of […]
Continue reading 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 […]
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