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from 62 to 64. and soggy takeaway! how the red hot food delivery market has started to go cold. a lot to talk about, let s get going. we start in the us where a bitter political fight over the country s finances is about to begin. later today, the federal government will hit its borrowing limit agreed by congress far earlier than expected. the figure? an eye watering $31.4 trillion. in the short term, treasury secretary janet yellen will be able to buy some time, using what are known as extraordinary measures, diverting cash to stop the us defaulting on its debts. but congress will urgently have to find a solution and it is more divided than ever as michelle fleury reports from new york. the debt ceiling or debt limit is the legal amount the american federal government is allowed to borrow. it american federal government is allowed to borrow. allowed to borrow. it has maxed it out faster allowed to borrow. it has maxed it out faster than allowed to borrow. it has ....
according to u.s. intelligence the missile tests do not pose an immediate threat to the united states. let s go to seoul and bring in paula hancock. give us the latest. reporter: john we re hearing here from the south korean side that the u.s.s. ronald reagan is off the east coast, carrying off navy drills as north korea fires yet more missiles. as north korea continues to break its own missile launch record. south korea says trilateral naval exercises are back in the water. holding drills to track and intercept missiles, a response to the north s launches. american aircraft carriers cruising around, pretty much nothing. it will probably make some people in the united states and republic of korea happier. but it will have zero impact on north korea s behavior and decision making. reporter: north korea blamed the flurry on the u.s. calling them counter measures against last week s naval drills. it will increase the condemnation, isolation, increase the steps th ....
But congress will urgently have to find a solution and it is more divided than ever as michelle fleury reports from new york. the debt ceiling or debt limit is the legal amount the american federal government is allowed to borrow. it american federal government is allowed to borrow. allowed to borrow. it has maxed it out faster allowed to borrow. it has maxed it out faster than allowed to borrow. it has maxed it out faster than expected, - it out faster than expected, there are a couple of reasons for this. there are a couple of reasons forthis. new there are a couple of reasons for this. new policies including the student loan forgiveness programme contributed to raising the amount of money it has been, also rising interest rates going up faster than expected meaning the united states government is paying more to borrow money. in fiscal 2022 it made for $75 billion in interest payments, up from $352 billion the year before, if congress doesn t address the debt limit swiftly, amer ....
Doesn t cost to service it. 2021, the cost was $352 billion, by the time we get out here, $1.2 trillion to service that debt that means you have less wiggle room for spending elsewhere and other priorities. this is something that people really need to pay close attention to this. this is a problem from congress, they can t make the tough decisions because it will hurt. getting this pile under control will hurt, it means higher taxes or less spending. now all of a sudden the interest rate on all of the debt shot up so it s that much worse to have it. who owns the debt? the u.s. owns most of this debt. the social security trust fund owns it, u.s. investors, but also other countries own it. these are the places that hold a lot of our debt. that means we have creditors around the world, not just us but creditors including japan, ....
As they come out of that. and the level of debt that those businesses will exit with is so significant that many of them may fall over before the next two years are out. the government says it understands how difficult the pandemic has been for nightclubs and it continues to do everything it can to support them. it also points to what it calls an unprecedented £352 billion package of support. but uncertainty has consequences. for example, many clubs are refusing to check people s covid status as encouraged by the government, but worry that vaccine passports may become mandatory if cases rise. venues like the welly in hull have fears for the future. it s quite clear that the government just do not understand the nightclub sector and its benefit to the economy. they re stuck in the world of the 1990s when you had chrome handrails and a 2am slow dance. that s not what nightclubs are doing. we re generating new music, new creative talent. and music internationally is one of our last great ....