U.S. debt ceiling crisis looms: Consequences & solutions
CGTN, 12 May 2023
For more:
https://www.cgtn.com/video
As government deficit spending hits a legislated cap, the Biden administration has grappled with lifting the debt ceiling. That's a limit that the U.S. House of Representatives last set at 31.4 trillion dollars in 2021. Now, there's little time and wiggle room as Treasury Secretary Janet Yellen warned of a possible default as early as June 1. The Republican-led House is not about to budge on the debt ceiling, at least not without exacting concessions from the White House on spending cuts. Without a compromise in sight, could this lead to a debt ceiling crisis similar to the one in 2011? Why keep the debt limit at all if it has fallen short of reining in public debt? And what are the dire consequences of a U.S. debt default?
To answer these questions and more, we are joined by Einar Tangen, independent current affairs commentator, Anthony Chan, former JPMorgan Chase chief economist, and Dai Xianfeng, portfolio manager.
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https://www.cgtn.com/video
As government deficit spending hits a legislated cap, the Biden administration has grappled with lifting the debt ceiling. That's a limit that the U.S. House of Representatives last set at 31.4 trillion dollars in 2021. Now, there's little time and wiggle room as Treasury Secretary Janet Yellen warned of a possible default as early as June 1. The Republican-led House is not about to budge on the debt ceiling, at least not without exacting concessions from the White House on spending cuts. Without a compromise in sight, could this lead to a debt ceiling crisis similar to the one in 2011? Why keep the debt limit at all if it has fallen short of reining in public debt? And what are the dire consequences of a U.S. debt default?
To answer these questions and more, we are joined by Einar Tangen, independent current affairs commentator, Anthony Chan, former JPMorgan Chase chief economist, and Dai Xianfeng, portfolio manager.
Subscribe to us on YouTube: https://goo.gl/lP12gA
Download our APP on Apple Store (iOS): https://itunes.apple.com/us/app/cctvnews-app/id922456579?l=zh&ls=1&mt=8
Download our APP on Google Play (Android): https://play.google.com/store/apps/details?id=com.imib.cctv
