The U.S. Debt Ceiling is the biggest financial concern among world leaders. U.S. Debt Ceiling Impacts World Markets.
Foreign Policy: “The most important global affairs topic of the past few weeks has not been the war in Ukraine, the fraught relations between the West and China, the Turkish election, or even the existential menace of climate change and global warming.”
“Trumping them all, even though it has seldom been framed this way in the United States itself, is the arcane struggle between Democrats and Republicans over raising the country’s debt ceiling, which is the amount of money that Congress will permit the U.S. federal government to borrow in order to service previously contracted financial obligations.”
“As nearly all of the world knows by now, the leaders of the two sides, U.S. President Joe Biden and House Speaker Kevin McCarthy reached a tentative agreement over the weekend to institute a two-year fix. One can only hope that a sufficient number of votes can be pulled together quickly enough to beat the June 5 deadline announced by Treasury Secretary Janet Yellen, after which the United States—at once the world’s largest borrower and the custodian of its reserve currency, the U.S. dollar—will otherwise go into default.”
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