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BBCNEWS Asia July 6, 2024

on us and global economies. so how did washington get here and what would happen if the borrowing ceiling is not lifted? my colleague samira hussain has been investigating. the first of all, this debt ceiling crisis is actually a political crisis. itjust happens to hinge on a months pass piece of legislation to save the nation from economic catastrophe. so what exactly happening? weeks to go before the federal government is unable to pay its bills. will the us government spend more money that it brings in. so it needs to boro money to pay its bills. it can only boro a certain amount of money. and if it needs to boro more, congress has to prove that. it used to be a routine thing, but not any more. republicans see this as an opportunity to extract demands, like cuts to affordable housing or other social security spending. but the us presidentjoe biden says no way. you need to pass this legislation with no strings attached. so off to the white house the two warring poli ....

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BBCNEWS Asia July 6, 2024

a default could have on us and global economies. 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 spend 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 needs to borrow more, congress has to prove that. it used to be a routine thing, but not any more. republicans see this as an opportunity to extract demands, like cuts to affordable housing or other social security spending. but us presidentjoe biden says, no way. you need to pass this legislation with no strings attached. so off to the ....

Presidentjoe Biden , Debt Ceiling Stalemate , Co Working , Karishma Vaswani , Asia Business Report , Janet Yellen , Debt Ceiling , Business Leaders , Emergency Talks , Samira Hussain , Debt Ceiling Crisis , Borrowing Ceiling , Global Economies , Social Security Spending , Political Parties , White House , Social Security , Government Agencies , Thousands Ofjobs , Treasury Bonds , Sameer Hussein Reporting , Bump Up , Stock Price , Whojoin Us , Tribeca Investment Partners , New York Stock Exchange ,

BBCNEWS Asia July 6, 2024

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 needs to borrow more, congress has to prove that. it used to be a routine thing, but not any more. republicans see this as an opportunity to extract demands, like cuts to affordable housing or other social security spending. but us presidentjoe biden says, no way. you need to pass this legislation with no strings attached. so off to the white house the two warring political parties go ....

Presidentjoe Biden , Debt Ceiling Stalemate , Co Working , Asia Business Report , Karishma Vaswani , Janet Yellen , Debt Ceiling , Business Leaders , Global Economies , Emergency Talks , Samira Hussain , Debt Ceiling Crisis , Borrowing Ceiling , Social Security Spending , Political Parties , White House , Social Security , Government Agencies , Thousands Ofjobs , Treasury Bonds , Sameer Hussein Reporting , Bump Up , Stock Price , New York Stock Exchange , Tribeca Investment Partners , Share Price ,

BBCNEWS Asia Business Report June 4, 2024 00:32:00

But us presidentjoe biden says, no way. you need to pass this legislation with no strings attached. so off to the white house the two warring political parties go to try and work it out. but the clock is ticking. the us government could run out of cash as early as 1june. so what are the possible consequences? forstarters, people who work for government agencies won t get paid. and those getting social security benefits won t get their money, either. financial markets would fall, and thousands ofjobs would be lost in the immediate aftermath. but the most dire consequence would be investors losing confidence in the country s ability to pay the interest on its debt, which comes in the form of treasury bonds, which are seen as one of the safest places to put your money. and that would quickly shatter the world s confidence in america. sameer hussein reporting on that story for us. later today, wework, one of the giants in the co working space will report their latest ....

Presidentjoe Biden , Political Parties , White House , Social Security , Government Agencies , Thousands Ofjobs , Treasury Bonds , Sameer Hussein Reporting ,

BBCNEWS Asia Business Report June 4, 2024 23:32:00

But us presidentjoe biden says, no way. you need to pass this legislation with no strings attached. so off to the white house the two warring political parties go to try and work it out. but the clock is ticking. the us government could run out of cash as early as 1june. so what are the possible consequences? forstarters, people who work for government agencies won t get paid. and those getting social security benefits won t get their money, either. financial markets would fall, and thousands ofjobs would be lost in the immediate aftermath. but the most dire consequence would be investors losing confidence in the country s ability to pay the interest on its debt, which comes in the form of treasury bonds, which are seen as one of the safest places to put your money. and that would quickly shatter the world s confidence in america. sameer hussein reporting on that story for us. ....

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