Joe Biden and congressional leaders from both parties met at the White House on Tuesday to discuss raising the limit on new debt the US can issue. It marks the second week of in-person discussions to prevent a default – a potential scenario that comes with dire predictions of global financial chaos.
According to the US Treasury Department, the government could run out of funds by 1 June, leading to missed monthly retirement payments to the elderly, delayed pay cheques to federal employees and the military, shuttered government offices, and a spike in interest rates as US creditworthiness tumbles.
After a week of behind-the-scenes staff discussions, the contours of a deal have starte…
Read the full article at: https://www.bbc.com/news/world-us-canada-65605834