Volatile stock markets and depleted household savings in the US have only led to an increase in household borrowings and credit card debt. Going forward, the consumer’s support to the US economy is expected to dwindle. To protect from such external shocks, gold is a good asset diversifier.
US officials are warning that China and Russia would capitalize on the 'chaos' that would ensue if the United States defaulted on its debt. The warnings come amid a monthslong standoff between President Joe Biden and Republicans in securing congressional approval to raise the nation’s debt limit. White House Bureau Chief Patsy Widakuswara has the story.
Onetime advisers to former President Barack Obama and former House Speaker John Boehner say negotiations to raise the debt ceiling look bleaker than they did under similar circumstances in 2011.
US government hit its $31.4 trillion borrowing limit on Thursday. Treasury Secretary Janet Yellen s department has begun using extraordinary measures to stave off default until June 5