WASHINGTON, Jan 20 ― The US Treasury began taking measures yesterday to prevent a default on government debt, as Congress heads towards a high-stakes clash between Democrats and Republicans over raising the nation's borrowing limit.
She added there is “considerable uncertainty” on how long the measures can last before risking default. With new control over the US House after last year's midterm elections, Republicans want Democratic President Joe Biden to agree to slash government spending, which they view as having risen to unsustainable heights.
It added that Biden would not negotiate with hardline Republicans over their “risky and dangerous” opposition to increased borrowing for programs Congress already authorised. Conversely, “if the debt limit were not raised, the amount of spending cuts or tax increases that would be required would equal US1.5 trillion this year” or more in the next decade, said Leonard Burman and William Gale of the Urban-Brookings Tax Policy Center.
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