A bipartisan deal to raise the $31.4 trillion US debt ceiling faces its first test in Congress on Tuesday, setting up what could be a nail-biting week of voting before the United States runs out of money to pay its bills. The House of Representatives Rules Committee is due to consider the 99-page bill at … Read more
The International Monetary Fund warned Thursday of severe consequences if the US defaults on its debt, ahead of a rapidly-approaching deadline for the country to raise or suspend its borrowing limit. “Our assessment is that there would be very serious repercussions not only for the US but also for the global economy should there be … Read more
US Republicans voted Wednesday to raise the national borrowing limit, but only in conjunction with drastic cuts, as they sought a showdown with President Joe Biden over “excessive” spending with a potentially ruinous credit default looming. The government is expecting to hit the debt ceiling within weeks, raising the possibility of the world’s largest economy … Read more