A standoff in the House is threatening to push Washington to the brink of a crisis. Read more at straitstimes.com.
in the United States House of Representatives over the debt ceiling is threatening to push Washington to the brink of an economic crisis.Washington regularly sets a limit on federal borrowing. Currently, the ceiling is set at US$31.4 trillion , equal to roughly 120 per cent of the country’s annual economic output.
Some analysts have proposed that the Treasury can bypass the crisis by minting a multi-trillion-dollar platinum coin and putting it in the government’s account, an idea widely seen as an outlandish gimmick. Others argue the debt ceiling itself violates the US Constitution. But if the Biden administration invoked that argument, which involves the 14th Amendment, a legal challenge would follow.
The US economy would almost certainly fall into recession if the government was forced to miss payments on things like soldiers’ salaries or Social Security benefits for the elderly. Economists expect that millions of Americans would lose their jobs. Already, investors are shunning some US debt securities that come due in July and August as they try to avoid bills maturing when the risk of a debt default is highest.
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