A default by the US would shake the global economy. Read more at straitstimes.com.
WASHINGTON - A top Republican in the US House of Representatives predicted on Tuesday his party will overcome resistance within its ranks and muster the votes needed to adopt a plan to slash spending and raise the government’s US$31.4 trillion debt ceiling.
But at least that many appeared to be withholding support as lawmakers returned to Washington on Tuesday. Republican leaders say the legislation is not open to changes and they plan to vote on it this week. “Right now we’re moving forward,” Mr McCarthy told reporters. US President Joe Biden delivers remarks on his investing in America agenda, in Washington, DC. PHOTO: EPA-EFEWashington and Wall Street are focused on the coming “X-date,” possibly just weeks away, when the US Treasury would no longer be able to pay all its bills, triggering a default that would shake the global economy.
The last prolonged standoff over the debt limit, in 2011, led to a downgrade of the US credit rating, which shook financial markets and raised borrowing costs.Debt markets are already flashing warning signs as investors grow wary. Investors expect the Treasury Department to offer a new “X-date” forecast in the coming weeks.
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