The U.S. government is set to reach its statutory debt limit on Thursday, prompting the Treasury Department to take “extraordinary measures” to pay the bills. Treasury Secretary Janet Yellen has warned that failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, and it is now up to Congress to act in a timely manner to increase or suspend the debt limit in order to prevent default. The current debt limit showdown could define the tenure of the new GOP majority and the final two years of President Joe Biden’s term.
Posts published in “Financial”
The costume and party supplies chain Party City has filed for Chapter 11 bankruptcy protection, and is in the process of an expedited restructuring that will substantially lower its debt and free up cash. The company's 800+ stores and website will remain open, and its franchise stores, subsidiaries outside of the U.S., and foil balloons Anagram business are not part of the restructuring. The filing comes as the U.S. retail industry continues to suffer from persistently high inflation and a pullback in customer spending.
Microsoft has announced that it will lay off 10,000 employees over the next eight months as part of cost-cutting measures in response to the global economic slowdown. The affected employees will receive 60 days' notice, health care coverage, stock vesting, and severance pay. Microsoft CEO Satya Nadella said the company is taking steps to weather any economic conditions while investing in its future. The layoffs come as Microsoft continues to invest in new technologies.
The U.S. Treasury Department is expected to hit the debt ceiling next Thursday, prompting Secretary Janet Yellen to warn of "certain extraordinary measures" to avoid a catastrophic default. In response, House Speaker Kevin McCarthy said Republicans will protect Medicare and Social Security, while looking to balance the federal budget. Congress must now find a solution to the issue, as the Treasury Department's measures can only buy a limited amount of time.
Treasury Secretary Janet Yellen has warned Congress that the US will reach its debt limit on January 19th, and urged them to raise the limit to avoid a potential default. This sets up a major battle on Capitol Hill, as the government must take “extraordinary measures” to avoid a default. Yellen has warned of serious economic consequences if the debt limit is not raised in time.
Federal Reserve Chairman Jerome Powell has emphasized the importance of central bank independence and his commitment to bringing down inflation during his first public appearance…
The Biden administration has announced a new proposal that would lower student loan payments for millions of Americans, while also pausing payments for those making…
According to the U.N. Food and Agriculture Organization, global prices for food commodities like grain and vegetable oils were the highest on record in 2020…