Explainer: Shutdown? Default? Washington’s risky new debt ceiling standoff
WASHINGTON, Jan 24 (Reuters) – Partisan brinksmanship in the U.S. Congress has made government shutdowns seem a routine part of governing in the past decade, but the current standoff in Washington over raising the $31.4 trillion federal debt ceiling is significantly riskier.WHAT IS A GOVERNMENT SHUTDOWN?Congress is supposed to pass detailed spending legislation for each […]
Republicans’ debt plan could cause ‘economic catastrophe’ – White House
WASHINGTON, Jan 17 (Reuters) – Republicans’ plan to pay some U.S. debts as they come due but not others is a “recipe for economic catastrophe” that threatens the global economy, the White House said on Tuesday.House Republicans are planning to move a “debt prioritization” measure by the end of March that would call on the […]
IMF says fragmentation could cost global economy up to 7% of GDP
WASHINGTON, Jan 15 (Reuters) – A severe fragmentation of the global economy after decades of increasing economic integration could reduce global economic output by up to 7%, but the losses could reach 8-12% in some countries, if technology is also decoupled, the International Monetary Fund said in a new staff report.Tne IMF said even limited […]
U.S. December deficit quadruples as outlays grow, debt ceiling nears
WASHINGTON, Jan 12 (Reuters) – The U.S. government’s December budget deficit quadrupled from a year earlier to $85 billion as receipts shrank slightly and outlays grew to a new December record, the Treasury Department said on Thursday as it neared the $31.4 trillion federal debt limit.The results confirmed forecasts that revenues would start to ease […]