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
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
in what is being viewed in come circles as a sign that eurozone borrowing costs may soon reach their peak. the move mirrors the us federal reserve s quarter point rate rise on wednesday. central banks on both sides of the atlantic have dramatically raised rates since last year in response to a surge in inflation. professor christian de boissieu is emeritus professor of economics at the sorbonne university in paris. the lending service from the bank suggest that a credit crunch is looming. does that suggest to you that the era of credit cycle tightening has come to an end? i would first say that this credit cycle is not over yet. it is true that it cycle is not over yet. it is true thatitis cycle is not over yet. it is true that it is becoming more and more difficult for people to borrow, given the rising borrowing rates but if you take the example of the eurozone, i expect further increases in key rates before the fall. the cost of borrowing will continue to increase, there c
i want to apply myself more to make up i want to apply myself more to make upfor i want to apply myself more to make up for what i have lost. a train carrying british goods will leave essex this morning for a 17 point 5000 mile trip to china. in sport, sergio garcia pips justin rose to win the masters. the spaniard beats rose on a play off hole for his maiden major title on his 74th time of asking. what a day of golf and weather. and carol has the weather. yesterday, the temperature in cambridge was 25.5. today in cambridge, more likely to be 13. temperatures are warm, but coming down today. settled but sunny spells. sunshine in northern ireland and parts of eastern england. i will have more details later on. thank you, carol. see you later. good morning. first, our main story. the funeral of pc keith palmer, who was murdered in the terror attack in westminster last month, will be held later today. the 48 year old was stabbed to death by khalid masood as he stood guard outsid
to know for the trading week ahead. investing in the future. later in the programme we ll speak to the boss of a company hoping to develop the next generation of coding geniuses. and also today, do you hate mondays? ido! the green party in the uk want to introduce a three day weekend. would you want one, and would you work longer hours to get one? just use the hashtag #bbcbizlive. how about if you still work longer hours but you still have to do a five day week? that sounds like what we do here! welcome to the programme. we start in italy where the foreign ministers of the world s biggest economies are meeting in the historic city of lucca. this year italy holds the presidency of the g7 group and rome has already made it clear that one of its priorities is fighting all forms of protectionism . but why does it matter? well, it s important because the g7 accounts for just over 46% of the world s wealth. and this meeting is important because it comes before next month s leaders