News
US senators officially vote to raise debt ceiling
The U.S. Senate has officially voted to raise the debt ceiling, narrowly averting a catastrophic default.
The U.S. Senate has officially voted to raise the debt ceiling, narrowly averting a catastrophic default
Just two weeks before the United States’ debt ceiling was reached, lawmakers have agreed to extend the limit.
The ongoing debate between Republicans and Democrats has sent shockwaves through the markets over recent times… with fears the government would default and shut down.
The implications of a default would be severe and wide-ranging… but Senate Majority Leader Chuck Schumer says lawmakers have finally reached a deal.
The deal came after hours of negotiations into the night… and Senators could vote on the agreement as soon as Thursday.
Currently, debt in the U.S stands at around $28 trillion
The agreement is likely to increase the debt ceiling by $480 billion, which would extend it until December 3.
Senate Minority Leader Mitch McConnell confirmed during a floor speech that they had reached a deal.
The agreement comes less than two weeks before 18 October, the day the US Treasury Secretary Janet Yellen warned was the deadline to prevent the first ever US default.
The temporary debt compromise will still need to be passed by both chambers of Congress, and US lawmakers will still have to address this issue near the new December deadline to avert a default.
Should the United States have defaulted on its debts, analysts say it would severely hurt the country’s credit rating resulting in the global financial system being plunged into turmoil and possibly lead to a self-inflicted recession.
News
Trump calls for Iran’s surrender
Israel and Iran escalate conflicts with missile strikes, prompting Netanyahu’s airstrikes and Trump’s call for Iran’s surrender.
News
Israel strikes Iran’s nuclear sites after hospital hit
Israel’s airstrikes on Iranian nuclear sites escalate tensions after a missile attack on an Israeli hospital, prompting Iranian retaliation and casualties on both sides.
Money
Fed signals slower cuts amid rising risks
U.S. Federal Reserve revises economic forecasts downward, expecting growth slowdown and higher unemployment, but still plans rate cuts in 2024 and 2025.
-
Tech2 days agoAI will reduce Amazon workforce, CEO Andy Jassy predicts
-
Money3 days ago
Markets ignore Israeli-Iranian conflict but risks remain high
-
News4 days ago
Iran and Israel on the brink of all out war as oil prices teeter
-
Ticker Views2 days ago
Regime change wouldn’t likely bring democracy to Iran. A more threatening force could fill the vacuum
-
News3 days ago
Missiles, retaliation and civilians caught in the Iran-Israel crossfire
-
Shows3 days ago
Melbourne real estate sees rising confidence and demand
-
News3 days ago
Israel targets Iranian state TV in escalating airstrike
-
News3 days ago
Trump says it was a mistake to exclude Putin as G7 leaders meet
