• About
  • Advertise
  • Careers
  • Contact
Saturday, February 4, 2023
  • Login
No Result
View All Result
NEWSLETTER
News Ukraine
-3 °c
Kyiv
-5 ° Sun
-4 ° Mon
-4 ° Tue
-5 ° Wed
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
    • Home – Layout 4
    • Home – Layout 5
  • Ukraine
  • Politics
  • Business
  • World
  • Tech

    Betterment Moves Beyond Robo-Advising With Human Financial Planners

    A Digital Media Startup Growing Up With Millennial Women

    Bill Gates’ iconic donkey game arrives on iPhone, Apple Watch

    Indonesia’s Largest Fleet Of Taxis Teams Up To Beat Ride-hailing Apps

    Trump Didn’t Record Comey, White House Tells House Intel Panel

    Uber’s Turbulent Week: Kalanick Out, New Twist In Google Lawsuit

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    MONATIK – safety eyelashes |  official video |  (from d / f "The eternally dancing man")

    MONATIK – safety eyelashes | official video | (from d / f "The eternally dancing man")

    #TeamMONATIK​​​ – The Voice of Ukraine 2021 |  Knockouts |

    #TeamMONATIK​​​ – The Voice of Ukraine 2021 | Knockouts |

    MONATIK – safety eyelashes |  Official Lyric Video |

    MONATIK – safety eyelashes | Official Lyric Video |

    MONATIK – INTRO (Musical "RHYTHM") |  YUNA 2021 BACKSTAGE |

    MONATIK – INTRO (Musical "RHYTHM") | YUNA 2021 BACKSTAGE |

    Forever dancing man |  How an exclusive screening of the film was created at the NSC Olimpiyskiy |  1.06.2021

    Forever dancing man | How an exclusive screening of the film was created at the NSC Olimpiyskiy | 1.06.2021

    MONATIK – JOMO |  Kindle |  CLIP PREMIERE 2021 |

    MONATIK – JOMO | Kindle | CLIP PREMIERE 2021 |

    MONATIK – JOMO |  Kindle |  Lyric/Karaoke Version |

    MONATIK – JOMO | Kindle | Lyric/Karaoke Version |

    MONATIK – JOMO |  Kindle |  BACKSTAGE

    MONATIK – JOMO | Kindle | BACKSTAGE

    MONATIK – JOMO |  Kindle |  Official Reminder |

    MONATIK – JOMO | Kindle | Official Reminder |

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    • Travel

    Republican Senator Vital to Health Bill’s Passage Won’t Support It

    Rap group call out publication for using their image in place of ‘gang’

    Barack Obama and Family Visit Balinese Paddy Fields During Vacation

    Melania Trump’s Mail Suit Suggests Desire To Monetise First Lady Role

    This Secret Room In Mount Rushmore Is Having A Moment

    A Digital Media Startup Growing Up With Millennial Women

    India Is Bringing Free Wi-fi To More Than 1,000 Villages This Year

    Indonesia’s Largest Fleet Of Taxis Teams Up To Beat Ride-hailing Apps

    Johnny Depp Jokes About Assassinating Trump, Then Apologizes

    Uber’s Turbulent Week: Kalanick Out, New Twist In Google Lawsuit

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
    • Home – Layout 4
    • Home – Layout 5
  • Ukraine
  • Politics
  • Business
  • World
  • Tech

    Betterment Moves Beyond Robo-Advising With Human Financial Planners

    A Digital Media Startup Growing Up With Millennial Women

    Bill Gates’ iconic donkey game arrives on iPhone, Apple Watch

    Indonesia’s Largest Fleet Of Taxis Teams Up To Beat Ride-hailing Apps

    Trump Didn’t Record Comey, White House Tells House Intel Panel

    Uber’s Turbulent Week: Kalanick Out, New Twist In Google Lawsuit

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    MONATIK – safety eyelashes |  official video |  (from d / f "The eternally dancing man")

    MONATIK – safety eyelashes | official video | (from d / f "The eternally dancing man")

    #TeamMONATIK​​​ – The Voice of Ukraine 2021 |  Knockouts |

    #TeamMONATIK​​​ – The Voice of Ukraine 2021 | Knockouts |

    MONATIK – safety eyelashes |  Official Lyric Video |

    MONATIK – safety eyelashes | Official Lyric Video |

    MONATIK – INTRO (Musical "RHYTHM") |  YUNA 2021 BACKSTAGE |

    MONATIK – INTRO (Musical "RHYTHM") | YUNA 2021 BACKSTAGE |

    Forever dancing man |  How an exclusive screening of the film was created at the NSC Olimpiyskiy |  1.06.2021

    Forever dancing man | How an exclusive screening of the film was created at the NSC Olimpiyskiy | 1.06.2021

    MONATIK – JOMO |  Kindle |  CLIP PREMIERE 2021 |

    MONATIK – JOMO | Kindle | CLIP PREMIERE 2021 |

    MONATIK – JOMO |  Kindle |  Lyric/Karaoke Version |

    MONATIK – JOMO | Kindle | Lyric/Karaoke Version |

    MONATIK – JOMO |  Kindle |  BACKSTAGE

    MONATIK – JOMO | Kindle | BACKSTAGE

    MONATIK – JOMO |  Kindle |  Official Reminder |

    MONATIK – JOMO | Kindle | Official Reminder |

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    • Travel

    Republican Senator Vital to Health Bill’s Passage Won’t Support It

    Rap group call out publication for using their image in place of ‘gang’

    Barack Obama and Family Visit Balinese Paddy Fields During Vacation

    Melania Trump’s Mail Suit Suggests Desire To Monetise First Lady Role

    This Secret Room In Mount Rushmore Is Having A Moment

    A Digital Media Startup Growing Up With Millennial Women

    India Is Bringing Free Wi-fi To More Than 1,000 Villages This Year

    Indonesia’s Largest Fleet Of Taxis Teams Up To Beat Ride-hailing Apps

    Johnny Depp Jokes About Assassinating Trump, Then Apologizes

    Uber’s Turbulent Week: Kalanick Out, New Twist In Google Lawsuit

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
No Result
View All Result
News Ukraine
No Result
View All Result
Help Ukraine - Donate now!
Home Business

US begins ‘extraordinary measures’ to avert debt default – DW – 01/19/2023

by Michael ZSU News
January 19, 2023
in Business
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The US Treasury said on Thursday that it had begun taking measures to prevent a default on government debt as the country hits its borrowing limit. 

Congress is gridlocked over raising this debt ceiling; the issue has been a fairly frequent feature of US politics in recent years. 

“I respectfully urge Congress to act promptly to protect the full faith and credit of the United States,” Treasury Secretary Janet Yellen wrote in a letter to Congressional leadership, in announcing the start of “extraordinary measures” to prevent at least a technical debt default. 

The Treasury has warned Congress that the tools it’s employing to put a stop to new borrowing will only help for a limited time — likely not longer than six months. In Yellen’s letter on Thursday, she cited June 5 as the likely cutoff date at present.

If past instances are anything to go by, politicians breaking the deadlock before this date might prove the more likely way out of the impasse.

Bureau of Engraving and Printing Director Leonard Olijar (R) watches as US Treasury Secretary Janet Yellen (C) and Treasurer Marilynn Malerba sign one dollar bills at the Bureau of Engraving and Printing Western Currency Facility on December 8, 2022 in Fort Worth, Texas.
Janet Yellen, who previous ran the US Federal Reserve, has warned of severe consequences at home and abroad should the dispute lead to any form of US debt defaultImage: Andy Jacobsohn/AFP/Getty Images

Yellen had already warned of risk of ‘irreparable harm’

Yellen said that because of the “debt issuance suspension,” the Treasury Department would be unable to fully invest a portion of the Civil Service Retirement and Disability Fund, among other impacts.

Yellen had written another appeal last week, warning that “failure to meet the government’s obligations would cause irreparable harm to the US economy, the livelihoods of all Americans, and global financial stability.”

Opposition Republicans have so far refused to authorize the annual approval of continued government borrowing for 2023. Although this authorization is considered almost automatic, the US has faced similar standoffs in the past, most notably during the period of Barack Obama’s two terms where the Democrats did not control both houses of Congress. 

The Republicans are in the majority in the House of Representatives, while the Democrats only just retained their grip on the Senate in November 2022’s midterm elections.

Biden and House Speaker McCarthy in focus

The onus to find a solution will likely fall primarily on two men: President Joe Biden and Republican Congressman Kevin McCarthy, the new House Speaker in the House of Representatives. Currently, their positions appear irreconcilable.

President Joe Biden, center, at the top of a meeting with congressional leaders to discuss legislative priorities for the rest of the year, Tuesday, Nov. 29, 2020, in the Roosevelt Room of the White House in Washington. From left are Kevin McCarthy, Chuck Schumer, Biden, Nancy Pelosi, and Mitch McConnell.
The current standoff might force Biden and McCarthy (far left of the picture) to talkImage: Andrew Harnik/AP Photo/picture alliance

Republicans in the House are demanding negotiations on agreeing to spending cuts. It’s unclear how much McCarthy would like to trim in these talks. It’s not even clear, should he achieve his goals, whether he could convince Republican lawmakers to support some kind of deal. The 15 rounds of voting required to secure his position as House Speaker demonstrated the degree of inner-party dissent among Republicans at present.

Kevin McCarthy elected US House speaker

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video

Biden, meanwhile, has insisted on a “clean” increase to the debt limit so far, saying he’s not willing to hold talks with Republicans. Reductions in borrowing or spending could have a severe impact on his latest landmark spending and investment policy known as the Inflation Reduction Act. 

On Wednesday, White House press secretary Karine Jean-Pierre said it was Republicans’ “constitutional responsibility” to protect the full faith and credit of the US, even when in opposition. 

“We’re just not going to negotiate that,” Jean-Pierre said. “They should feel the responsibility.” 

McCarthy, meanwhile, argues that it’s irresponsible of Biden to expect to be able to raise the debt ceiling without consultation when not in control of Congress. 

“Why create a crisis over this?” McCarthy asked last week. “I mean, we’ve got a Republican House, a Democratic Senate. We’ve got the president there. I think it’s arrogance to say, ‘Oh, we’re not going to negotiate about pretty much anything’ and especially when it comes to funding.” 

How large is the US sovereign debt burden?

The debt limit is currently set at $31.4 trillion (roughly €29,000,000,000,000), more than the country’s annual GDP, which stood in the region of $23 trillion in 2021, the last full year with available data.

Like most national governments around the world, US borrowing levels rose substantially during the COVID pandemic — and also in the decade following the 2008 financial crisis. At the end of 2019, US debt had stood at roughly $23 trillion. At the end of 2007, it was around $9 trillion.

By comparison, Germany’s national debt of roughly €2.5 trillion is a little less than annual GDP, but it too has been rising rapidly as a share of GDP in the last couple of years.

msh/rt (AFP, AP, Reuters)

Source

Help Ukraine - Donate now!
Michael ZSU News

Michael ZSU News

Next Post
US Warns China of Red Line in Ukraine War Ahead of Blinken Visit 

US Warns China of Red Line in Ukraine War Ahead of Blinken Visit 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Twitter schedules vote on Musk deal for September 13th

ROUNDUP/KfW: Immigration alone does not help against the shortage of skilled workers

2 weeks ago
0
UN deplores deadly attack in Afghanistan, killing scores and injuring many others |

UN deplores deadly attack in Afghanistan, killing scores and injuring many others |

6 months ago
0

Popular News

    Connect with us

    Category

    • Business
    • Entertainment
    • Fashion
    • food
    • Gaming
    • Health
    • Lifestyle
    • Movie
    • Music
    • National
    • Politics
    • Sports
    • Tech
    • Travel
    • Ukraine
    • World

    About Us

    ZSU News is an Independent News Website and contains news from multiple sources so you could get better look at the situation in world.

    • About
    • Advertise
    • Careers
    • Contact

    © 2022 ZSU NEWS - English News Worldwide and Ukraine.

    No Result
    View All Result
    • Home
    • Politics
    • Ukraine
    • Business
    • World
    • National
    • Entertainment
    • Gaming
    • Movie
    • Music
    • Sports
    • Fashion
    • Lifestyle
    • Travel
    • Tech
    • Health
    • Food

    © 2022 ZSU NEWS - English News Worldwide and Ukraine.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In