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The Central government has allowed 22 states to carry out additional borrowing of more than Rs 60,000 crore, or $7.21 billion in total in the financial year ending March 2024, over and above their net borrowing ceiling, the Finance Ministry said in a post on X.
Kerala is the second State to move the top court this year in relation to financial disputes with the Central government. It has argued that Centre's actions have the potential to damage the federal structure.
US politicians scramble to secure a cross-party deal on raising the national debt limit to avoid a potential default.
Treasury Secretary Janet Yellen updates the date for a potential US debt default. Negotiators seek a bipartisan solution as the debt ceiling deadline approaches.
So how did washington get here — and what would happen if the borrowing ceiling is not lifted? my colleague samira hussain has been investigating. first of all, this debt ceiling crisis is actually a political crisis. itjust happens to hinge on a must—pass piece of legislation to save the nation from economic catastrophe. so, what exactly is happening here? weeks to go before the federal government is unable to pay its bills. well, the us government spends more money that it brings in. so it needs to borrow money to pay its bills. it can only borrow a certain amount of money. and if it nee...