debt crisis

With President Joe Biden and House Speaker Kevin McCarthy not being able to reach any consensus regarding the debt ceiling crisis, concerns surrounding a potential default on national debt have resurfaced. When “Whole Mars Catalog” tweeted stating defaulting on the national debt is a...

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...

European Central Bank President Christine Lagarde said she has huge confidence in the United States and believes the government will not default on its debt. "I just cannot believe that they would let such a major, major disaster happen of the United States defaulting on its debt. This is not...

Peter Schiff, chief economist and global strategist at Euro Pacific Capital, has said increasing the debt ceiling would impact Americans in a negative manner in the long run. His remarks came in response to statements made by Sen. Chuck Schumer, Majority Leader (D-NY)...

Jamie Dimon, the chief executive of JPMorgan Chase & Co (NYSE:JPM), has reportedly warned against declaring victory against inflation too early, saying the Federal Reserve could raise interest rates over the 5% mark if higher prices remained “sticky.” Dimon's comments follow the...

Former Treasury Secretary Lawrence Summers has some advice for President Joe Biden regarding the debt ceiling — stay strong. On being asked what his advice would be to Biden during an interview with CNN’s Fareed Zakaria, Summers said he would tell the...

Former Labor Secretary Robert Reich believes President Joe Biden’s meeting with House Speaker Kevin McCarthy regarding the debt ceiling crisis was framed as a start of negotiations while the issue should have been non-negotiable. While the President and the...

Federal Reserve Chair Jerome Powell has asserted that resolving the debt ceiling crisis is Congress’ job and the central bank is not involved in any discussions regarding the matter. “There's only one way forward here and that's for Congress to raise the debt ceiling so that the...

Nobel laureate and noted economist Paul Krugman has countered some of the criticisms about several strategies to resolve the looming debt ceiling crisis that includes minting a trillion-dollar coin. "If the strategies are undignified, so is having a financial crisis because a faction in...

President Joe Biden will meet House Speaker Kevin McCarthy at the White House on Wednesday to resolve the imbroglio over the debt ceiling and spending cuts. What Happened: Biden will ask McCarthy whether he “intends to meet his Constitutional obligation to prevent a national default, as...

Ray Dalio, the founder and CIO of hedge fund Bridgewater Associates, believes what is called the debt limit never actually limits the debt, but is in fact a farce. What Happened: “It’s a farce that works like a bunch of alcoholics who write laws to enforce drinking...

Congressional Democrats are now reportedly pushing Republicans to come up with a proposal to increase the debt ceiling and avert a U.S. default after they met with President Joe Biden on Tuesday. Senate Majority Leader Chuck Schumer said at the White House, “One of the...

Treasury Secretary Janet Yellen activated another extraordinary cash management measure on Tuesday to avert breaching the federal debt limit by suspending daily reinvestments in a large government retirement fund that holds Treasury debt, the department said. In a letter to House Speaker Kevin...

California Democrat Rep. Ro Khanna (D-CA) has reportedly said the U.S. will not default on its debt but the Biden administration might have to act unilaterally to stave off the crisis. “The question is whether it’s going to come to unilateral action by the executive branch,”...

A bipartisan group of U.S. lawmakers is reportedly readying a plan to solve the looming crisis over the debt ceiling by changing it from a fixed dollar amount to a percentage of national economic output. U.S. Representative Brian Fitzpatrick, the Republican co-chair of the moderate...