Treasury Secretary Janet Yellen says that the government will hit its US$31.4 trillion (S$41.46 trillion) borrowing limit on Thursday. Read more at straitstimes.com.
WASHINGTON - The White House on Wednesday said that US President Joe Biden will not negotiate with Republican hardline conservatives over their “risky and dangerous” opposition to expanding the US debt limit.
Treasury Secretary Janet Yellen says that the government will effectively hit its US$31.4 trillion borrowing limit on Thursday, at which point she will use accounting manoeuvres to stave off default temporarily. Far-right Republicans who now hold key power in the party’s narrow majority in the House are demanding that Mr Biden agree to slash government spending.
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