G7 Summit in Hiroshima: Biden's Debt Ceiling Intervention and Inspiring Spouses.

1 min read
Source: Yahoo News
G7 Summit in Hiroshima: Biden's Debt Ceiling Intervention and Inspiring Spouses.
Photo: Yahoo News
TL;DR Summary

US President Joe Biden will call Republican Speaker Kevin McCarthy once he winds up the G7 summit in Japan to try and break the US debt ceiling deadlock before the clock ticks down on a feared national default. The Treasury Department says that the government could run out of money and default on its $31 trillion debt as early as June 1 if Congress, where Republicans control the House of Representatives, does not authorize more borrowing. The increasingly hard-right Republican party has turned the threat of default into a powerful lever to try and force Biden to accept making heavy spending cuts.

Share this article

Reading Insights

Total Reads

0

Unique Readers

0

Time Saved

2 min

vs 3 min read

Condensed

81%

526102 words

Want the full story? Read the original article

Read on Yahoo News