United States Treasury has warned that the US government will be unlikely to meet payment obligations by early June if the debt ceiling is not raised.
The date is earlier than the Treasury estimated in January, indicating that the United States financial situation is more precarious than previously thought.
In a letter to Speaker of the House Kevin McCarthy, published on Monday, US Treasury Secretary Janet Yellen asked Congress to increase the government's debt ceiling before this date or to suspend its implementation in order to prevent economic turmoil.
After reaching the borrowing cap of $31.4 trillion on January 19, Yellen informed Congress that the Treasury would use cash receipts and extraordinary cash management measures to continue making payments on debt, federal benefits, and other expenditures at least through June 5.
Previously, economists had predicted Washington's debt would increase to the set limit by the end of early August and the collection of less-than-expected tax revenues will speed the process.
Experts believe the US could default on its obligations if the debt ceiling is not raised by the summer, triggering an economic downturn that could result in a recession, create an unemployment crisis, and damage the country's reputation as a safe haven for investors.
The economic outlook is also clouded by a deepening rivalry between Biden and Republican lawmakers, who are demanding drastic spending cuts in exchange for more government borrowing power.
For the past two months, the White House has refused to talk to McCarthy and has demanded that the Republican-controlled Congress unconditionally approve the increase in the debt ceiling.
The president accused Republicans of holding the economy hostage to politically motivated demands and said he would discuss spending issues only in the context of the budget, not in relation to the debt ceiling....more below
https://www.presstv.ir/Detail/2023/05/02/702599/US-debt-default-will-cause-economy-crash
Russian Foreign Ministry spokeswoman Maria Zakharova earlier said that the treaty provides for various forms of bilateral cooperation.
The comprehensive strategic partnership agreement between Russia and Iran has entered into force, Iranian Ambassador to Russia Kazem Jalali told Sputnik.
"It is already binding," Jalali said when asked about the date of entry into force of the agreement, as well as whether Iran had notified Russia of the completion of internal procedures.
He recalled that the treaty was ratified by both chambers of the Russian parliament, and Russian President Vladimir Putin signed it. At the same time, the document was ratified by the Iranian parliament, approved by the Guardian Council, and the president issued it as a law.
"Therefore, in both countries it currently has the form of a law and, naturally, has entered into force," Jalali said.
On January 17, Putin and his Iranian counterpart, Masoud Pezeshkian, met in Moscow to sign the Comprehensive Strategic ...
Defying the United States threats, ministers from more than 30 nations have packed Bogotá’s San Carlos Palace to charge the Israeli regime with genocide over its October 2023-present brutal military assault against the Gaza Strip.
The dramatic display of international solidarity saw dozens of high-ranking officials from across the globe convene inside the stately palace on Tuesday, determined to hold the regime accountable for, what they unequivocally called, a “war of genocide.”
The two-day emergency summit, organized under the auspices of The Hague Group -- a coalition co-chaired by Colombia and South Africa -- had representatives, ranging from such countries as Algeria and Brazil to Pakistan and Spain, in attendance.
The participants described the drive as a coordinated effort to stop the Israeli atrocities.
Behind closed doors, ministers and envoys, meanwhile, engaged in intensive sessions aimed at drafting collective measures to pressure the regime -- steps expected to be unveiled by ...
