trigger a constitutional crisis. president biden is asked for the ceiling to be raised with no strings attached, something the republicans have been unwilling to budge on. time is ticking. secretary yellen has estimated the government could run out of money to pay its bills next month. it money to pay its bills next month. , ., , , money to pay its bills next month. , ., ,, .,, money to pay its bills next month. , ., ,, , month. it is congress was my “ob to month. it is congress was my job to do month. it is congress was my job to do this. month. it is congress was my job to do this. if month. it is congress was my job to do this. if they - month. it is congress was my job to do this. if they fail - month. it is congress was my job to do this. if they fail to l job to do this. if they fail to do it we will have an economic and financial catastrophe that will be of our own making and there is no action that president biden and the us treasury can it take to prevent that
consequences would be dire. if the government is no longer able to pay its debt then, in a worst case situation, we would see that there is significant job losses in the us, household consumption falls back, investment as well, financial markets would plummet, and this would impact asia as well, which has very close trade ties, financial market league linkages with us as well. there would be contagion over to the asia pacific region. katrina ell is there from moody s analytics speaking to me a little earlier. the billionaire investor warren buffet has said he is more comfortable investing injapan, rather than taiwan, given the growing tensions between the us and china. last year his investment company mr berkshire hathaway, invested more than $4 billion in the taiwanese chipmaker tsmc only to with three months later, mr buffetts as it is a wonderful company but he feels better falling putting money into japan instead. we can keep talking