debt ceiling

Treasury Secretary Janet Yellen, while speaking at the meeting of Group of Seven finance officials, reportedly said failure to avert a looming default would spark a global downturn, risk undermining U.S. global economic leadership and raise questions about its ability to defend national security...

Former President Donald Trump on Wednesday reportedly urged Republican lawmakers to let the United States default on its national debt if Democrats don't reach a consensus on spending cuts. "I say to the Republicans out there — congressmen, senators — if they don't give you massive cuts, you're...

President Joe Biden addressed the debt ceiling crisis on Wednesday, stating that Republicans are "holding the economy hostage," by threatening a default on U.S. debt.  They want "huge cuts to important programs for millions of working middle-class Americans," and...

Johanna Chua, chief APAC economist at Citigroup Global Markets, reportedly said inflation is likely to be quite persistent and the Federal Reserve may go for two more rate hikes in coming times. What Happened: Chua said Citi has a hawkish consensus view on the central bank's policy while arguing...

Peter Schiff, chief economist and global strategist at Euro Pacific Capital, reiterated his bullish stance on gold, saying the world will return to the commodity which is the only viable monetary reserve asset. What Happened: Schiff also cited legendary investor Warren Buffett's remarks in his...

After the crucial meeting on Tuesday, President Joe Biden and Republicans have reportedly not reached any consensus regarding the debt ceiling crisis but have agreed to hold another meeting on Friday. What Happened: Speaking outside the White House on Tuesday afternoon, House Speaker Kevin McCarthy...

A standstill in the U.S. Congress over raising the debt ceiling continues to be a major topic in America, which could have a ripple of consequences whether it is raised or not. Here’s a look at how voters feel about the issue in a new poll. What Happened: With mere weeks left until the U...

The cost of insurance against the risk of a United States sovereign debt default reached its highest level since 2009 on Tuesday, as the protracted debt-ceiling impasse continued to keep markets on tenterhooks. Spreads on U.S. 5-year credit default swaps, which are market-based...

The National Association of Government Employees Inc., or NAGE, — a union representing 75,000 federal agency and military employees — has reportedly sued President Joe Biden and Treasury Secretary Janet Yellen on Monday and have asked a federal judge to order Yellen to continue borrowing if talks...

Market commentator Jim Cramer reportedly said that investors should focus on deep research on individual stocks rather than depend on macro strategies for deciding investments. What Happened: "You always hear about missing the forest for the trees, but when you're picking stocks, it's just as...

U.S. Treasury Secretary Janet Yellen warned Monday in a CNBC interview that the U.S. might face financial chaos if Congress does not lift the debt ceiling before June 1, the date when the Treasury could effectively run out of cash.  Yellen is also reaching out to corporate and financial...

Nobel laureate and noted economist Paul Krugman has criticized the debt ceiling stand-off saying nobody wants to own responsibility for "setting the world economy on fire." "…But I do think even an important factor in the next few weeks is that nobody wants to be responsible for setting the...

Gold prices rose on Monday as the dollar declined slightly with investors bracing for the release of the consumer price inflation data on Tuesday that will pave the way for the Federal Reserve's future monetary policy. What Happened: Spot gold was trading 0.36% higher near the $2,023 per ounce...

A group of 43 Republican Senators led by Sen. Mike Lee (R-Utah) have written a letter to Senate Majority Leader Chuck Schumer expressing their collective commitment to oppose raising the debt ceiling without any major spending and budget reforms. What Happened: "It is now clear that Senate...

Treasury Secretary Janet Yellen is warning of the possibility of the government defaulting, potentially as early as June 1, if the debt ceiling isn't suspended or raised. What Happened: The Treasury could run out of cash as early as June 1st and has exhausted all “extraordinary measures...