The US government may default on some debts as early as June 1 unless Congress votes to lift the debt ceiling. Read more at straitstimes.com.
WASHINGTON - Three of US President Joe Biden’s top aides warned on Tuesday that budget cuts would undermine the country’s ability to compete militarily, diplomatically and economically with China, a rare joint appearance in Congress underscoring Washington’s focus on competing with the Asian power.
“Let’s be clear: China isn’t debating whether to pay its debts, or wreck its economy. China isn’t debating whether to invest in its future, or cut and cap the investments that keep it competitive,” said Murray, a Democrat. Lawmakers promise more legislation. Two weeks ago Senate Democrats announced that they would write a new bill to stave off competition from China, as Biden’s administration has sought to return to high-level engagement with Beijing after an alleged spy balloon incident that caused a pause in relations this year.
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