Suspense Crime Sach Ka Dam
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Hopes for a solution to the debt ceiling issue in the US were soon dashed. After meeting with President Joe Biden on Monday, Republican leader in the House of Representatives Kevin McCarthy said the conversation was “productive”. But then in his party meeting, he said that the talks between the two parties have not progressed further. The US Treasury Department has asked federal government agencies to see if they can defer their next payments. Biden administration officials are trying to find ways to save money, among other things, to avoid loan defaults for as long as possible.
America can default in debt payment
As of Monday, only $57 billion was left with the Treasury Department. The Treasury Department has warned that this amount will be spent by June 1, after which America will not be able to pay its debt. According to the Washington Post, therefore, to avoid an unprecedented situation of default, the Biden administration is trying to avoid spending on other things. If the experts are to be believed, even if the administration succeeds in this, it will be able to avoid default for a few days only.
Further funding requires approval from the US Congress.
President Biden is said to want some more time to reach an agreement with the Republican Party on raising the debt ceiling. The US Congress provided for borrowing up to $31.4 trillion. The government has reached this limit. Now he can take more loans only after the approval of the Congress. The Republican Party won a majority in the lower house of Congress in the elections held last November. The Republican Party has placed a condition for approval to increase the debt limit that the Biden administration cuts spending on public welfare programs. There is a deadlock on this issue.
