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2023-05-27 Government Corruption
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IMF urges to immediately raise the ceiling of the US national debt
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Direct Translation via Google Translate. Edited.
Moscow , May 26, 2023, 21:30 - IA Regnum. The International Monetary Fund (IMF) called on the US Congress to immediately raise the national debt ceiling and start discussions on the 2024 budget.
As the IMF said in a written statement following the results of the annual review of the US economy, the current situation may create additional risks for the US and global economy at a time when there is already noticeable tension in it.
It also follows from the review that the IMF slightly improved the forecast for US GDP growth in 2023, which will be 1.7%. The fund previously predicted that the US economy would grow by 1.6% in 2023.
As reported by IA Regnum , on May 10 , US President Joe Biden announced the possibility of a default in the event of the failure of negotiations to raise the national debt ceiling. Then he called this development of events destructive for the economy.
Later, the head of the US Treasury, Janet Yellen , said that within two weeks she would be able to name the exact timing of a potential economic collapse. She warned that without a decision on the national debt, the government would be unable to fulfill its financial obligations .
It was reported that the debt crisis that began in the United States would not survive about 250 regional banks, five of them had already gone bankrupt.
Economists at Goldman Sach believe that US Treasury reserves could run out by June 9th.
The debt of the United States at the end of last year amounted to 31.42 trillion dollars, the next 13 countries in the world list owed a total of 31.4 trillion dollars. At the same time, the state of Russia for 2022 amounted to about 295 billion dollars, which is 107 times less than the American, 33 times less than the Japanese, 13 times less than the Chinese.
During a speech at the G7 summit in Japan on May 20, Biden asked reporters to "shut up" when they asked him to answer a question about the US default.
More from RIA Novosti
US Treasury changed the expected period of government default on obligations
WASHINGTON, May 26 - RIA Novosti. The US Treasury changed the expected deadline for the government's default on obligations from June 1 to June 5, follows from a letter from US Treasury Secretary Janet Yellen to congressional leaders.
"Based on the latest available data, we now expect the Treasury to have insufficient resources to fulfill government bonds on June 5 unless Congress raises or suspends the government's debt limit," the letter said.
Earlier, the Treasury Department warned in letters to Congress that by June 1, the US would probably be unable to fully service obligations if lawmakers did not authorize the expansion of borrowing limits by that time.
The current US debt ceiling is $31.4 trillion. It was reached back in January, when the government, in order to avoid a default, took "extraordinary measures" - the suspension of contributions to social funds for state employees.
Usually Congress increases borrowing limits almost automatically, but this time the Republican opposition, which controls the House of Representatives, demanded in return to reduce budget spending by several trillion dollars. The Republican bill has passed the House of Representatives but has no chance in the Democratic Senate and President Joe Biden, who has signaled he will veto the bill if it comes to that.
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