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BBCNEWS Asia July 6, 2024

on us and global economies. so how did washington get here and what would happen if the borrowing ceiling is not lifted? my colleague samira hussain has been investigating. the first of all, this debt ceiling crisis is actually a political crisis. itjust happens to hinge on a months pass piece of legislation to save the nation from economic catastrophe. so what exactly happening? weeks to go before the federal government is unable to pay its bills. will the us government spend more money that it brings in. so it needs to boro money to pay its bills. it can only boro a certain amount of money. and if it needs to boro more, congress has to prove that. it used to be a routine thing, but not any more. republicans see this as an opportunity to extract demands, like cuts to affordable housing or other social security spending. but the us presidentjoe biden says no way. you need to pass this legislation with no strings attached. so off to the white house the two warring poli ....

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BBCNEWS Asia Business Report June 4, 2024 22:32:00

Spending. but the us presidentjoe biden says no way. you need to pass this legislation with no strings attached. so off to the white house the two warring political parties go to try and work it out. but the clock is ticking. the us government could run out of cash as early as june one. so what are the possible consequences? for starters, june one. so what are the possible consequences? forstarters, people consequences? for starters, people who consequences? forstarters, people who work for government agencies won t get paid. and those getting social security benefits won t get their money, either. financial markets would fall and thousands of jobs would be lost in the immediate aftermath. but the most dire consequence would be investors losing confidence in the country stability to pay the interest on its debt, which comes in the form of treasury bonds, which are seen as one of the safest places to put your money. and that would quickly shatter the worlds confidence in america. w shat ....

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