It could run out of funds to meet all its financial obligations by June 1 or in the weeks after. Read more at straitstimes.com.
With US President Joe BidenWhat happens after June 1?or in the weeks after then, said Treasury Secretary Janet Yellen.
“As securities mature, Treasury would pay that principal by auctioning new securities for the same amount,” thus not increasing the overall stock of debt held by the public, she added. Moody’s Analytics economist Bernard Yaros drew parallels to the 2008 financial crisis, when Congress failed to pass a major bailout plan for banks – the failure sparked a selloff in stock markets that pressured lawmakers.“That would lead to higher borrowing costs for consumers, for corporations,” he said.
On Wednesday, the Council of Economic Advisers warned that if the US government stops meeting its financial obligations, resulting economic shocks could cause over eight million job losses this summer and around a 6 per cent drop in GDP.A country is considered in a payment default when it does not meet its financial obligations such as to another country, or to investors who bought its bonds.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Malaysia’s heatwave expected to last until June, with haze likely after thatHaze is likely to return from June to September, with the country facing drier conditions and less rainfall. Read more at straitstimes.com.
Read more »
Malaysia’s heatwave expected to last until June, with haze likely to followMalaysia’s current heatwave is expected to last until June, with high temperatures felt throughout the country, said the national meteorological...
Read more »
The Big Read in short: Can Singapore shed its image as a tourist stopover?SINGAPORE — While the humidity and heat may have bathed them in sweat, Australians Bryan and Christine Mansfield were smiling as they made their way to the Gardens by the Bay on Thursday (May 4).
Read more »
Malaysia's heatwave expected to last until June with highest recorded temperature at 38.4 deg CKUALA LUMPUR - Malaysia's current heatwave is expected to last until June, with high temperatures felt throughout the country, said the national meteorological department. It is forecast to be followed by slightly below-average rainfall until September. Haze is also likely to return from June to September as a result of the drier conditions and hot weather, said Natural Resources, Environment...
Read more »
Singapore Pools outlets to close for half day on May 9 to let staff volunteer at community eventThe branches will be closed from 8am to 3pm. Read more at straitstimes.com.
Read more »
Ali Lee denies being sad over no new TV dramaThe actress says people read too much into her recent Instagram post
Read more »