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
The Islamic Revolution Guards Corps’ (IRGC) Intelligence Unit says Iran will consider the Israeli regime’s shelters “legitimate targets” if residential areas in the country come under attack.
In a post published on social media platform X on Tuesday, the IRGC said that any strikes on residential areas in Iran would give Iran’s armed forces the right to attack Israeli shelters in the occupied lands.
The IRGC stated that it has intelligence on the blueprints and the exact locations of these shelters.
Iran began its Operation True Promise 4 after the US and Israel launched their joint military aggression against the Islamic Republic in late February by assassinating Leader of the Islamic Revolution, Ayatollah Sayyed Ali Khamenei, and several senior Iranian officials.
In its latest wave of attacks, the IRGC said it rained down missiles on the Israeli regime’s “secure” intelligence facilities in Tel Aviv.
Iranian armed forces have also pounded American military bases and ...
In a fresh wave of retaliatory strikes, the Islamic Revolution Guards Corps (IRGC) targeted the Israeli regime’s “secure” intelligence facilities in Tel Aviv.
The IRGC’s Public Relations Department said in a statement on Tuesday that it had carried out the 79th wave of its ongoing retaliatory Operation True Promise 4 against the Israeli and American targets.
Deploying powerful Kheybar Shekan, Emad, and Sejjil missiles alongside IRGC Aerospace Force kamikaze drones, the operation successfully breached the regime's multi-layered air defense systems, the statement said.
The missiles, it stated, targeted Israel’s intelligence facilities in northern and central Tel Aviv, as well as military commercial and support centers in Ramat Gan and the Negev.
The missiles also hit Israel’s southern military logistics and command headquarters in Beersheba.
The missile strikes triggered widespread panic across Israel and forced the suspension of a Knesset (parliament) session on Tuesday.
...
The Islamic Revolution Guards Corps (IRGC) announces staging the 78th wave of its underway retaliatory Operation True Promise 4, targeting such highly sensitive Israeli targets as Dimona, Tel Aviv, and Eilat as well as several US military bases in the region.
In a statement on Tuesday, the IRGC described the latest phase of the operation as a significant development featuring missiles raining down on enemy targets as the nation was leveling momentous support behind the Islamic Republic by attending millions-strong rallies with "clenched fists."
'A distinct record'
The latest phase, it noted, "has set a distinct record in the timeline of the war."
According to the statement, targets in the occupied port of Eilat, Dimona, a heavily fortified city that hosts the Israeli regime's notorious nuclear reactor in its vicinity, and northern Tel Aviv were struck using Emad and multi-warhead Qadr missile systems along with attack drones.
This was the second time the Corps was hitting Dimona, ...
