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.
Streaming wars: can Apple compete with Spotify?
Spotify’s 2023 Wrapped has dropped prompting listeners to review their top artists, genres, and songs of the year.
Many are taking to social media platforms to share their listening trends with family, friends, coworkers, and even other fans on the internet.
While Apple Music, a rival platform, has its own year-end campaign—it hasn’t quite ignited the same online response.
Seth Schachner, the Managing Director at StratAmericas and a former Sony Music Executive joins Veronica Dudo to discuss. #Spotify #music #Apple #AppleMusic #SpotifyWrapped #streaming #featured #IN AMERICA TODAY
What Australia can learn from NZ’s supermarket inquiry
Coles and Woolworths, two of Australia’s largest supermarket chains, are about to face a Senate inquiry that aims to scrutinise their market dominance and business practices.
The inquiry’s parallels with a past New Zealand investigation highlight the growing concern over the duopoly’s impact on consumers and smaller businesses.
The Senate inquiry, set to begin next month, comes as a response to mounting public pressure and allegations of anti-competitive behavior in the grocery sector.
New Zealand example
Similar concerns led New Zealand to conduct its own inquiry into the supermarket industry back in 2019, resulting in recommendations for increased regulation and transparency.
The central question here is whether Coles and Woolworths wield too much power in the Australian market, potentially stifling competition and limiting choices for consumers.
With the New Zealand example as a cautionary tale, many are wondering if this inquiry will result in meaningful changes to the Australian grocery landscape.
Elon Musk: Nikki Haley’s ‘campaign is dead’
Elon Musk has thrown a verbal jab at former South Carolina Governor Nikki Haley, declaring her political campaign as “dead” on X.
The unexpected comment from the Tesla and SpaceX CEO has ignited a new wave of discussion within the political sphere, leaving many wondering about the implications for Haley’s political future.
In a tweet that garnered significant attention, Musk criticized Haley’s recent policy stance, writing, “Nikki Haley’s campaign is dead on arrival if she continues to ignore the urgency of climate change.
We need leaders who prioritize the planet’s future.” The tech mogul’s remarks come as Haley, a prominent Republican figure, has been exploring the possibility of running for president in the upcoming election cycle.
Musk’s statement has reignited the debate over climate change within the Republican Party, with many conservatives emphasizing economic interests over environmental concerns.
This raises questions about whether Musk’s endorsement or critique could influence the GOP’s stance on climate issues and potentially impact the 2024 presidential race.
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