13.1 C
Qādiān
Saturday, February 15, 2025

Reshaping Perspectives and Catalyzing Diplomatic Evolution

As of June 1, the United States may not be able to service the national debt

The US Treasury Department may not be able to service the national debt by June 1 if Congress does not increase borrowing limits. This is stated in an open letter from the head of the department, Janet Yellen, to members of the Congressional leadership.

“Our best estimate is that we will not be able to continue to meet all government commitments by early June and possibly as early as June 1, unless Congress raises the debt ceiling by here there,” Yellen wrote.

Earlier, US House of Representatives Speaker Kevin McCarthy unveiled his bill to increase public debt. It is proposed to increase the borrowing limit by $1.3 trillion through March 31, 2024, whichever comes first. According to McCarthy, Biden has a choice: sit down at the negotiating table or “cover his ears, refuse to negotiate and risk the first default in the history of the United States”.

Read the Russia Ukraine News on The Eastern Herald.

More

Follow The Eastern Herald on Google News. Show your support if you like our work.

Author

News Room
News Room
The Eastern Herald’s Editorial Board validates, writes, and publishes the stories under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

Editor's Picks

Trending Stories