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programme. there will no be default. those were the words of president biden on thursday as he hailed what he called productive talks with his political rivals as the clock ticks on the country s finances. he is trying to avoid hitting the debt ceiling. the us government is set to hit its borrowing limit of $31.4 trillion next week, raising fears it could run out of money to pay its bills without a deal to increase the debt ceiling. from new york, michelle fleury reports. with just one week left until treasury officials say the us will run out of cash to pay its bills, the mood music from washington was upbeat that a deal can be done to avoid default. i want to be clear that the negotiations we re having with speaker mccarthy is about the outlines of what the budget will look like not about default. it s about competing visions for america. nothing will be resolved till we solve them all. we know where our differences lie. we worked well past midnight last night ....
Etsy shares fell Wednesday after the global online marketplace announced it is laying off 11% of its employees and shaking up leadership as part of a restructuring plan. ....
Failure to reach an agreement could have global implications. fitch one of the major credit rating agencies warned of a potential downgrade to the us credit rating if a deal isn t done. the us treasury department seized on this, saying it underscored the need for swift bipartisan action. the biggest sticking point remains spending if they don t cut enough, they won t win over republicans. but if they do too much, they ll lose some democrats who say they don t want to see cuts to social programmes that help the neediest americans. meanwhile, many lawmakers left washington for the long holiday weekend while the talks continue. dory wiley is president and ceo of the investment banking firm commerce street holdings based in dallas, texas. thank you forjoining us. lots has been happening even in the time we ve been on air. ....
Paying bills. i don t think they really want to test that. if they do that, i think the implication of your question is what does that do to the economy? a really good job of trying to engineer a soft landing so far, but i don t think they have had a lot of credit. whether they continue to do so or not will be very difficult and this certainly would not help and could plunge it into a very severe recession. it into a very severe recession. . ~ , ., , it into a very severe recession. ., ~ , ., , . recession. thank you very much for that analysis. recession. thank you very much for that analysis. dory - recession. thank you very much for that analysis. dory wiley, i for that analysis. dory wiley, president and ceo of the investment banking firm commerce street holdings in dallas for us. to the uk now where the economy has been reeling from the biggest year of strikes in a generation. a cost of living crisis driven by soaring inflation has seen walkouts over pay across industry and ....