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What is the U.S. debt ceiling and why it’s important

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The United States’ national debt is set to default on Thursday.

In a letter sent to lawmakers, U.S. Treasury Secretary Janet Yellen warned that the U.S. is expected to hit its $31.4 trillion debt limit this week.

Congress is working on the issue, but it remains to be seen if lawmakers on Capitol Hill will actually raise the debt ceiling.

The debt ceiling is the amount of money the U.S. is allowed to borrow to pay for its vast commitments.

Basically, in the U.S., the debt ceiling or debt limit is a legislative limit on the amount of national debt that can be incurred by the U.S. Treasury.

This limits how much money the federal government can pay on the debt they already borrowed.

Currently, the U.S. government borrows large sums of money in order to cover all of its expenses. However, decades ago, Congress created the debt ceiling in an effort to avoid having to approve each new debt individually.

Since then, lawmakers have raised the debt ceiling dozens of times. When this happens—Congress allows the government to take on enough debt to settle the spending obligations it has already made.

If Congress is unable to raise the debt limit in time, the U.S. can only use incoming cash to pay its current commitments which in effect would create a large deficiency.

This is the first debt limit fight since Republicans took control of the House. So far, House Speaker Rep. Kevin McCarthy has signalled that he might leverage the negotiations in order to secure deep spending cuts.

But President Joe Biden and a Senate controlled by Democrats strongly oppose spending cuts.

Veronica Dudo is the U.S. Correspondent for Ticker News covering America’s biggest headlines. As an Emmy® Award nominated global journalist, Veronica has traveled across the country and around the world reporting on historical events that connect all citizens. Lauded as an award-winning international journalist, Veronica has executed stellar news coverage for NBC News, CBS News, The Hill, ME-TV Network and AOL. Her stories have highlighted a plethora of topics ranging from breaking news and politics to economic affairs across the USA, European Union, and Asia; cultural affairs; globalization; governance; education; and sustainability.

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Google’s take on AI search to shake market direction

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Search Generative Experience (SGE), is the latest innovation from Google Labs

This cutting-edge feature, recently announced by Google, is set to transform search results for a select subset of queries and a small portion of U.S. search traffic.

With SGE, instead of the traditional top-10 results, users may encounter AI-generated responses prominently displayed at the top of the page.

This shift has significant implications, as it pushes both ads and organic results further down the page. Stay tuned for updates on this groundbreaking development in search technology.

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The battery set to change Electric Vehicles and Tesla’s market share

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The world’s biggest battery maker announced this week they’re working with Tesla to making cheaper batteries.

Recent developments in the electric vehicle (EV) market raise essential questions about its trajectory.

Cost cuts by the world’s largest battery maker could impact EV prices, potentially boosting their competitiveness. Meanwhile, advancements in mileage, power, and charging times are driving increased adoption.

However, considerations about downsides like battery disposal and resource extraction are pertinent. Nonetheless, the broader implications for climate change efforts and the automotive industry underscore the transformative potential of EVs in creating a more sustainable future.

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What to expect from the Apple developers conference

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Apple has announced that its annual Worldwide Developers Conference (WWDC) will be held from June 10.

The event, which is pivotal for developers and Apple enthusiasts alike, will take place online for the second consecutive year due to the ongoing global pandemic.

WWDC serves as a platform for Apple to unveil its latest software updates across its various products, including iOS, macOS, watchOS, and tvOS. #ticker today #featured

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