Us Debt

US debt ceiling crisis: Why Joe Biden is wary of invoking the 14th Amendment

Joe Biden and his administration have been searching for ways to act unilaterally to avoid an economic ‘calamity’ if Congress can’t reach agreement to allow more borrowing. While some advocate using the 14th Amendment, the president has viewed the route as a problematic and untested legal theory

US debt ceiling crisis: What happens if impasse between Joe Biden and Republicans can't be resolved

The US government aims to reach a budget compromise by 1 June. Republicans, led by Kevin McCarthy, demand spending cuts in exchange for raising the debt limit. While US president Joe Biden has joined the talks, he has urged GOP members to reconsider their 'extreme positions'

US debt fight raising government borrowing costs, says Treasury Secretary Janet Yellen

The rate's rise comes with a corresponding drop in the price of the bonds, meaning the US government must borrow more than under ordinary conditions

US debt ceiling: What's the 14th Amendment Biden is considering?

US president Joe Biden has been considering the ‘14th Amendment’ option to avert a debt ceiling crisis, as the deadline to resolve an impasse on lifting the borrowing limit fast approaches. There could be legal challenges if the 14th Amendment is invoked, but not doing so poses risks too

Cost of insuring against US default rises to highest since 2009

S&P Global Market Intelligence data shows that US 5-year sovereign credit default swaps increased to 74 basis points, up from 73 basis points at the previous closing and the highest level since March 2009

Why US debt default could cause catastrophic damage to the dollar and its reputation

In August 2021, the mere prospect of a potential default led to an unprecedented downgrade of the nation’s credit rating, hurting America’s financial prestige as well as countless individuals, including retirees. An actual default would be far more damaging

US debt deal: What will happen if the debt ceiling is not raised?

Washington faces the risk of a federal government default if the debt ceiling isn't raised. In order to avoid such a situation, President Joe Biden has invited top four congressional leaders to a White House meeting on 9 May

US economy: The debt deal’s biggest loser

By choosing fiscal repair instead of economic repair the savings in the deal would be wiped out if the US economy fails to muster strong growth.

Fed chief Jerome Powell says 'no rush' to hike interest rates in 'solid' but slowing US economy

Jerome Powell’s comments solidified a Fed policy shift last month in which it indicated it would pause a three-year cycle of rate hikes

US debt ceiling crisis may start quiet but chaos will ripple through global mkts

If Washington doesn't reach a deal soon to keep paying its bills, an economic crisis could start unfolding so quietly on Thursday it will give little hint of its potential to throw millions of Americans out of work.<br /><br />