Page 3 - Us Debt Ceiling

US debt limit: There's 'work to do', says Biden as he heads to Japan

US President Joe Biden said there is "work to do" on the global stage as he headed to Japan on Wednesday to consult with allies on Russia's invasion of Ukraine and China's assertiveness in the Pacific at the same time that a debt limit standoff looms at home. With high-stakes talks to head off a federal default underway in Washington, Biden pledged to remain in "constant contact" with negotiators in the capital city while he conducts international diplomacy. The president departed Washington aboard Air Force One a day after scrapping plans for a historic stop in Papua New Guinea and a key visit to Australia amid the showdown with House Republicans over raising the federal debt limit. The three-nation trip had been meant as a triumphant global leadership showcase, and instead threatened to become a truncated reminder of how partisan disagreements have undercut US standing on the global stage. "I have cut my trip short in order to be here for the final negotiations and sign the deal .

Markets drop on US debt ceiling concerns, benchmark indices shed 6% each

Sensex and Nifty both lose over 1.2%, in two days despite positive flows from FPIs

Traders bet on rate cuts, dollar rises with US debt default risk in focus

SINGAPORE/LONDON (Reuters) - The dollar rose on Wednesday, benefiting from its status as a safe-haven amid the risk of a U.S. debt default and as traders trimmed bets on imminent Federal Reserve rate cuts following solid consumer spending data in the United States.

Sensex sheds 413 pts as HDFC twins, RIL weigh; Nifty ends below 18,300

CLOSING BELL: The BSE Midcap, Smallcap indices, however, bucked the trend and ended with a gain of up to 0.2 per cent. Breadth too was marginally positive.

Debt ceiling showdown: Biden to meet as McCarthy pushes for faster deal

President Joe Biden is ready to discuss the debt ceiling with congressional leaders at the White House in a high-profile session with reverberations across the globe as early outlines of a potential deal begin to emerge despite painstakingly slow negotiations. Raising the stakes, the Tuesday afternoon session comes as Biden is preparing to depart for the Group of Seven summit in Japan where the US leadership will be on the world stage later this week. The president and House Speaker Kevin McCarthy are trying to strike a budget deal before the US Treasury runs out of cash to keep paying the nation's bills, which could occur as soon as June 1. While Biden has remained upbeat that we'll be able to do this, McCarthy is prodding the president to move faster to avert a crisis. The Republican speaker says they need an agreement soon to avoid default. Expectations are low that a deal is that close at hand. Instead, it is more likely that staff talks will continue while the president is ...

Debt limit battle: Joe Biden ramps up pressure on House GOP lawmakers

Fresh off a White House meeting with no serious breakthrough on the debt limit standoff, President Joe Biden is launching a new phase of his pressure campaign against House Republicans as he makes his case that lawmakers should lift the nation's borrowing authority without any strings attached. Biden will travel to Valhalla, New York, on Wednesday to argue that a measure passed by House GOP lawmakers that would lift the debt limit for about a year while curbing some federal spending would impose cuts for veterans care, educators and other domestic priorities. The area is represented by first-term Republican Rep. Mike Lawler, whose district Biden won in 2020. The White House will use the trip to trumpet what it says is economic progress under the Democratic president pointing to the number of jobs created during his term and a fresh focus on domestic manufacturing while warning that an unprecedented debt default would threaten millions of jobs and raise the prospect of a ...

US Treasury Secretary Yellen calls CEOs with warning on US debt ceiling

US Treasury Secretary Janet Yellen has been calling CEOs and business leaders to discuss the consequences of brinkmanship around the debt ceiling

Credit crunch, El Nino & DC deadlock to challenge Powell's recession bet

In Powell's view, the gravity-defying strength of American labor markets is smoothing the way for a soft landing, even after five percentage points of interest-rate hikes in little over a year

Debt deadline: Yellen's alarm sets White House meeting, but no solution yet

Facing the risk of a an unprecedented U.S. government default by month's end, President Joe Biden has invited the top four congressional leaders to face-to-face talks at the White House next week. It's the first concrete step toward negotiations on averting a potential economic catastrophe, but there's a long way to go: Biden and Republicans can't even agree on what's up for negotiation. WHAT'S THE PROBLEM? If the government's legal borrowing limit of $31.4 trillion is not raised or suspended in the next few weeks, the result could be financial havoc. If the government can't borrow money to keep paying its bills for an extended period, there could be millions of job losses, businesses left bankrupt, crashes piling up across financial markets and lasting economic pain. The damage would be financial, but the cause would be political, a breakdown between Republicans and Democrats, rather than a problem with the underlying health of the U.S. economy. The scheduling of next Tuesday's Wh

Janet Yellen projects that US could hit debt ceiling as soon as June 1

Treasury Secretary Janet Yellen has notified Congress that the US is projected to reach its debt limit as early as June 1, if the body does not raise or suspend the debt limit before then. In a letter to House and Senate leaders, Yellen urged Congress to protect the full faith and credit of the United States by acting as soon as possible to address the USD 31.4 trillion limit on its legal borrowing authority. We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States," she said in the letter. The Treasury said on Monday it plans to increase its borrowing during the April to June quarter of this year, even as the federal government is close to breaching the debt limit. The US plans to borrow USD 726 billion during the quarter. That's USD 449 billion more tha

US House to vote on Republican debt limit bill this week, says McCarthy

McCarthy floated a plan last week that would pair $4.5 trillion in spending cuts with a $1.5 trillion increase in the $31.4 trillion U.S. debt limit

Kevin McCarthy presses Joe Biden to negotiate debt ceiling impasse

House Speaker Kevin McCarthy, R-Calif., said on Tuesday he's increasingly concerned about President Joe Biden's unwillingness to negotiate on lifting the nation's borrowing authority, saying in a letter to the president that the White House position could "hold dire ramifications for the entire nation. Rather than open direct talks on the debt ceiling, which the Democrats agree must be raised, Biden and his party's lawmakers are challenging Republicans to publicly present their own budget proposals something McCarthy has so far declined to do. For now, the Treasury Department has resorted to extraordinary measures to avoid default on the nation's USD 31.4 trillion borrowing authority. But those measures will run out and put the US at risk of being unable to pay all of its bills possibly as early as June. The White House has emphasised that Biden is not willing to entertain proposed cuts in programmes simply in exchange for lifting the debt limit. But McCarthy and Republicans are

US' gross national debt surpasses $31 trillion as new fiscal year begins

The nation's gross national debt has surpassed USD31 trillion, according to a US Treasury report released Tuesday that logs America's daily finances. Edging closer to the statutory ceiling of roughly USD31.4 trillion, an artificial cap Congress placed on the US government's ability to borrow, the debt numbers hit an already tenuous economy facing high inflation, rising interest rates and a strong US dollar. And while President Joe Biden has touted his administration's deficit reduction efforts this year and recently signed the so-called Inflation Reduction Act, which attempts to tame 40-year high price increases caused by a variety of economic factors, economists say the latest debt numbers are a cause for concern. Owen Zidar, a Princeton economist, said rising interest rates will exacerbate the nation's growing debt issues and make the debt itself more costly. The Federal Reserve has raised rates several times this year in an effort to combat inflation. Zidar said the debt "should

Joe Biden signs bill to fast-track process to raise govt's debt limit

US President Joe Biden has signed a bill to fast-track the process to raise the federal government's debt limit and avoid a potential default.

Wall Street ends with solid gains; investors hail US debt-ceiling truce

The Dow Jones Industrial Average rose 1% to end at 34,760.34 points, while the S&P 500 gained 0.83% to 4,399.82

Dollar advances to one-year high; US debt ceiling impact muted

The greenback also fared well despite an impasse in Washington over the U.S. debt ceiling that threatened to plunge the government into a shutdown.

Debt-limit suspension passes house; faces stand-off in Senate

But Democrats want Republicans to share political responsibility for the debt

Janet Yellen renews call to raise debt limit to avoid 'catastrophe'

"Neither delay nor default is tolerable" and lawmakers must act quickly, Yellen added

US Treasury Secy Yellen warns of financial risk if debt ceiling not raised

Yellen has campaigned for congressional action and has warned that the Treasury would probably reach the borrowing limit sometime next month.

Trump, Democrats agree to raise debt ceiling, fund govt until December

Trump's agreement includes a $7.9-bn assistance package for people affected by Hurricane Harvey