White House’s Debt Ceiling Battle Could Trigger a Shutdown — and a Recession
At a time when worldwide confidence in the U.S. has already been badly shaken by President Trump’s go-it-alone, “America First” approach to trade, NATO and climate change, a White House riven by dissension is generating yet another controversy — this time over whether the U.S. will honor its debt. The U.S. could exhaust its legal borrowing authority of nearly $20 trillion this summer and will need congressional approval to raise the debt ceiling to avert the first-ever default on U.S. borrowing. The problem is that the Treasury is burning through its cash reserves at a faster clip than previously anticipated while the flow of tax revenue has fallen off.
Source:: https://finance.yahoo.com/news/white-house-debt-ceiling-battle-201900567.html
