World

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.

Published

12 months ago

October 8, 2021

ticker NEWS

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.

WASHINGTON, DC – APRIL 21: Senate Majority Leader Mitch McConnell

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.

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Climate Change

Hurricane Ian could be Florida’s deadliest storm

Published

1 hour ago

September 30, 2022

William Howard

Hurricane Ian could be Florida’s deadliest storm as it continues north towards South Carolina

U.S. President Joe Biden says Hurricane Ian could be the deadliest storm in the region’s history, with early reports suggesting substantial loss of life.

Biden spoke at an afternoon briefing at the headquarters of the Federal Emergency Management Agency (Fema).

Ian made landfall on Wednesday local time near the city of Fort Myers. It has led to severe flooding, high winds and storm surges.

Several areas remain submerged, and more than 2.5 million homes are without power.

Many residents are trapped in their homes and unable to escape. Search and rescue teams are working around the clock to provide assistance where they can.

5,000 Florida National Guard troops and 2,000 Guardsman from surrounding states have been deployed.

Eight teams with 800 members are carrying out search and rescue operations.

More than 200 public shelters have now been opened, housing around 34,000 people.

The National Hurricane Centre has downgraded Ian to a tropical storm for now but warns it will likely become a hurricane again later.

The entire coast of South Carolina is just the latest region to be placed on high alert as the storm continues north on its path of destruction.

World

Finland slams its borders shut on Russia

Published

3 hours ago

September 30, 2022

William Howard

Finland will officially closed its border to Russian tourists, marking the last of Moscow’s E-U neighbours to do so.

Finland will close its border with Russia as Poland, Estonia, Latvia and Lithuania also closed theirs.

The Finnish government made the decision following Vladimir Putin’s decision to call-up of 300,000 military reservists.

Queue’s at Russia’s border crossings with E-U nations were stretching for kilometres as people attempted to flee the country.

The closure of the border only applies to tourists – and Russians who are visiting family or travelling for work or study will still be granted entry.

The Finnish Foreign Minister stated that the decision was a difficult one to make, but ultimately it was in the best interest of the country.