The crisis of debt ceiling in America is continuously deepening. If a quick solution is not found, the country may become a defaulter for the first time in its history.
These days there is talk about the financial crisis of the US all over the world. Is America in trouble? US President Joe Biden and Republican House Speaker Kevin McCarthy recently held a meeting to discuss raising the country’s debt ceiling. This meeting has been done regarding how much the US federal government can borrow to pay its accounts. However, after talks between the two, no agreement has been reached yet. With just 10 days left before a possible deadline for raising the debt ceiling, it’s a crucial moment for the Democratic president and Republican speaker.
Cash left less than Gautam Adani’s net worth
The crisis of debt ceiling in America is continuously deepening. If a quick solution is not found, the country may become a defaulter for the first time in its history. The country is left with only $57 billion in cash, which is even less than Gautam Adani’s net worth. According to Bloomberg’s Billionaire Index, Adani’s net worth is $64.2 billion. America has to pay 1.3 billion dollars daily as interest.
what will be its effect
If the American government does not solve this problem soon, then it is bound to have an impact on the world including India. Goldman Sachs has predicted that if the US does not end its debt crisis, it will run out of cash in the coming three weeks. The investment bank says that by June 8 or 9, the cash with the Treasury Department will drop to $30 billion. This cash is very less to meet the needs of the world’s largest economy.