Superpower country America can be a defaulter, Biden had to call a meeting after the Finance Minister’s warning
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There has been a huge stir in Washington after this crisis on the country and there is expected to be a long conversation between the Democrats and Republican leaders on the issue of raising the debt limit.
The United States is facing a financial crisis and the country’s finance minister has warned that the superpower may go bankrupt. Treasury Secretary Janet Yellen has warned that the government may run out of cash to pay its bills by June 1. The news prompted President Joe Biden to call a meeting with the top four members of Congress. According to the report, the new estimate raised the risk of a US default, which could have a significant impact on the global economy.
There has been a huge stir in Washington after this crisis on the country and there is expected to be a long conversation between the Democrats and Republican leaders on the issue of raising the debt limit. However, House Republicans have already passed a bill to raise the debt ceiling that includes spending cuts, which Democrats have said they will not accept. President Biden has invited House Democratic Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Republican Leader Mitch McConnell to discuss the issue at the White House on May 9. Biden has insisted he will not negotiate a debt ceiling increase, but will discuss budget cuts once the new ceiling is passed.
The US Treasury Secretary’s letter suggests that the US could enter the category of default as early as June 1, which would have disastrous consequences for the global economy. The Treasury Secretary said it was impossible to predict with certainty the exact date when the Treasury would be unable to pay the government’s bills.
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