warning over the country s debt ceiling. this is the amount of money the us government is allowed to borrow to pay for pretty much everything they do. without an agreement to increase what the federal government can borrow, it could run out of money by earlyjune. at that point the federal government might not be able to make wage, welfare and other payments. our north america business correspondent michelle fleury is live in new york for us. we have been here before but once again, a stark warning that if nothing is done, it causes huge repercussions around the world. this is because as repercussions around the world. ti 3 is because as you say it is going to affect the jobs of government employees in the united states and have a knock on effect on the border economy, but then there is beyond the shores of the united states, the kind of ricochets it will have around the global financial system and that is why you have had this increasing drumbeat as we get closer to the kin
the words there of janet yellen. what would be more damaging, not being able to do a deal or the longer term implications of sort of the financial risk on fiscal responsivity, raising the debt limit once again? you responsivity, raising the debt limit once again? once again? you are talking there about all the once again? you are talking there about all the kind once again? you are talking there about all the kind of once again? you are talking there about all the kind of payments . once again? you are talking there. about all the kind of payments that the us government makes, including among that is interest payments on debts, one of its big debt holders china amongst many of the foreign investors who hold us treasury bonds. traditionally seen as kind of the safest in the world. that is why it has such a high rating, because people don t expect the us government to default but i think people are looking at this and saying perhaps it is different. you have this high stakes me