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politics2 years ago•6 min saved

U.S. Treasury's Cash Reserves Depleting, Debt-Ceiling Deadline Looms

The United States could potentially run out of money by June 5, the "X-date," if lawmakers don't manage to get an agreement to raise the debt ceiling. If there's no deal, the US could start missing payments, and its credit rating could be downgraded, making it more expensive for the government to borrow money. The economic impact of a debt ceiling breach is uncertain, but it could lead to market chaos, rising interest rates, and negative effects on the economy. Democrats have urged a large enough increase to the debt ceiling that will ensure that Congress doesn't have to deal with this debate again before the 2024 election.

via Vox.com|

#credit-rating #economic-impact #janet-yellen

politics2 years ago•4 min saved

The Impending Threat of U.S. Default and Its Consequences.

The US risks economic calamity if Congress and the White House can’t pass a debt deal by June 1. If the nation breaches the debt ceiling, the Treasury Department would first miss critical government benefits like Social Security, federal salaries, tax refunds and more. Once the US starts missing payments, “things go from being bad, to worse, to catastrophic” in a matter of days. A credit downgrade could happen before the US actually runs out of cash.

via POLITICO|

#credit-rating #default #politics

finance2 years ago•2 min saved

Debt Ceiling Jitters Weigh on Media and Broader Markets.

US stocks closed lower on Tuesday due to fears of a debt-ceiling impasse that could lead the nation into recession. The US government will no longer be able to pay bills of any kind, including interest on government bonds, salaries for federal employees, contractors, payments to agencies and programs including Social Security and Medicare, and to the military if the debt ceiling is not raised. Media stocks, especially those most dependent on advertising, have been hit hard by recession fears. Moody's Analytics estimated that just one week of breach would erase 1.5 million jobs.

via Deadline|

#debt-ceiling #finance #media-stocks

markets2 years ago•0 min saved

Navigating the Debt-Ceiling Deadline: Investor Strategies and Market Outlook

Despite concerns about the US government hitting the debt ceiling, experts agree that the "X date" has not yet arrived, giving markets some breathing room. The Treasury Department has been using "extraordinary measures" to avoid breaching the debt limit, but these measures will only last so long. However, analysts believe that Congress will eventually raise the debt ceiling, avoiding a potential economic crisis.

via CNBC|

#debt-ceiling #economy #government

politics2 years ago•1 min saved

Bipartisan Policy Center warns of potential US default in June.

The Bipartisan Policy Center has warned that the US could default on its debt as early as June if Congress doesn't act soon, moving up their previous projection and falling in line with what Treasury Secretary Janet Yellen recently predicted. The center estimated in February that the "X-Date" would fall during the summer or early fall. The Washington think tank also noted that extended tax filing deadlines granted to some taxpayers this spring exacerbated an already weak tax season, which increases the odds of having insufficient cash flow in early June.

via USA TODAY|

#bipartisan-policy-center #government-cash-flows #janet-yellen