hello, i m lukwesa burak. president biden has said a deal with republicans to raise the us government debt ceiling is very close and he s optimistic it will be achieved. the two sides have a little more breathing room after the treasury secretary, janet yellen, extended the deadline slightly, saying the government would not run out of money untiljune 5. they re working on an agreement that would ensure no repeat of the stand off before next year s presidential election. as the clock ticked down to the midnight deadline which hasjust passed mr biden hinted a deal might be not be too far away. with regards to the debt limit, things are looking good. i m very optimistic. i hope we ll have some clearer evidence tonight, before the clock strikes 12:00, that we have a deal. but it s very close and i m optimistic. and our north america correspondent nomia iqbal sent us this update. lawmakers have now been given a little more time to find that much needed solution. many of them h
deal would have to be bipartisan and there is huge pressure from the left and right in both parties do not cave into each other or, in some cases, do not cut a deal at all. nomia iqbal. we can now speak to kenneth judd, who is a seniorfellow at the hoover institution. he specialises in macroeconomics, public finance, and computational economics. thank you forjoining us here on bbc news. first off, what would happen in the united states if a default were to take place? states if a default were to take lace? ~ . , take place? well, technically, a default is take place? well, technically, a default is when take place? well, technically, a default is when you - take place? well, technically, a default is when you don t i take place? well, technically, | a default is when you don t pay your interest payments on the debt. 0r your interest payments on the debt. or you don t make a payment on something that you own. now, but the technical definition. owe. what would happen beyond that
What are the likely economic consequences of Russia’s invasion of Ukraine and the responses by the international community? The IGM Forum at Chicago Booth invited its panel of leading European and US economists to express their views. As this column reports, an overwhelming majority of the experts think that the economic and financial sanctions that have been implemented to
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