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stories and we started in the us. congressional leaders are due to meet with president biden for emergency talks on how to deal with the debt ceiling. reports are coming in the treasury secretary janet yellen has been personally calling chief executives to warn them of the dire consequences a default could have on the us and the global economy. so how did washington get here? samira hussain has been investigating. first of all, this debt ceiling crisis is actually a political crisis, itjust happens to hinge on a must pass piece of legislation to save the country from economic catastrophe, so what is happening here? major consequences for the economy. the us could default on the economy. the us could default on the dead in a metabolic. weeks on the dead in a metabolic. weeks to on the dead in a metabolic. weeks to go before the federal government weeks to go before the federal government is weeks to go before the federal government is unable - weeks to go before t ....
Certain amount of money and effort needs to borrow more congress has to approve that. get used to be a routine thing but not anymore. republicans see this as an opportunity to extract demands like cuts to affordable housing or other social security spending, but us presidentjoe biden says, no way! you need to pass this legislation with no strings attached. so house the two warring political parties go to try muckatah up at the clock is ticking. the us government could run out of cash as cash as early as 1 june, so what are the possible consequences? for starters people who work for government agencies won t get paid and those getting social security benefits will get their money, either. financial markets would fall and thousands ofjobs fall and thousands of jobs could fall and thousands ofjobs could be lost in the immediate aftermath, but the most dire consequence would be investors losing confidence in the country s ability to pay the ....