US debt

Debt deal imposes new work requirements for food aid and that frustrates many Democrats

Bargaining over work requirements for the Supplemental Nutrition Assistance Programme, known as food stamps, became the focal point for the White House and House Speaker up until the end.

published on : 3rd June 2023

US debt ceiling drama nears end as Senate tackles default threat

But a time-consuming debate with numerous amendments being sought by senators from both parties threatened to hold up the process, dragging it deep into the weekend.

published on : 2nd June 2023

President Joe Biden 'hopeful' of imminent US debt deal

Although there was no indication of an imminent public announcement, it was the strongest sign yet that the drama in Washington might end, allowing the government to borrow and avoid a default.

published on : 27th May 2023

What happens if US fails to lift debt limit by June 5?

President Joe Biden said today he is "hopeful" for a resolution within hours to the US debt ceiling standoff between Democrats and Republicans, raising hopes of an imminent end.

published on : 27th May 2023

US debt crisis: Biden vows 'no default'

A batch of Social Security payments worth about $25 billion is scheduled to go out on June 2 and those payments could be halted if the Treasury Department is unable to cover loan repayments.

published on : 26th May 2023

US warned debt standoff could hit credit rating

President Joe Biden's administration said it still sees a path to a deal, but there were few concrete signs that the two sides were finding agreement on how to raise the so-called debt ceiling.

published on : 25th May 2023

EXPLAINER | How banks, Fed are preparing for US default and the chaos expected to follow

The doomsday planning is a reaction to a lack of progress in talks between President Joe Biden and House Republicans over raising the US$31.4 trillion debt ceiling.

published on : 17th May 2023

Lots of sound and fury on US debt, but not a crisis - yet

The debt challenge will keep unfolding over time, meaning that choices may become more severe as the costs of Social Security, Medicare and Medicaid increasingly outstrip tax revenues.

published on : 28th January 2023

US Debt ceiling: 2011 showdown leaves lessons for Biden, GOP

Lessons learned from the debt ceiling standoff more than a decade ago are rippling through Washington, as the White House and Congress brace for another fiscal showdown.

published on : 24th January 2023

Treasury Secretary Yellen warns of 'global financial crisis' if US defaults on debt

Yellen noted that the actual day on which the Treasury would no longer be able to use these measures is "quite uncertain," and could come as early as June.

published on : 21st January 2023

Chinese ratings agency downgrade US debt over political 'deficiencies'

A Chinese credit ratings firm has downgraded US debt, citing the political "deficiencies" and "factional rivalries" of the United States.

published on : 17th January 2018