US treasury secretary Janet yellen has again warned that if the debt limit is not increased, the US government will face a financial crisis from June this year.
The US finance minister wrote a letter to congress for the third time in the last three weeks. In the latest letter, he said, the ministry of Finance may fail to pay government salaries and other bills from the beginning of June. As a result, I am calling for speedy implementation of the issue of increasing the loan limit.
US President Joe Biden and his administration have been trying to raise the debt ceiling for several days. But former president donald trump's republican party lawmakers are blocking it.
Currently, the republican party controls the lower house of congress. And since congressional approval is needed to raise the debt limit, the issue is not easily resolved. But if the debt ceiling is not raised by June, the US government will default for the first time in history.
But even in such a situation, the speaker of the US house of representatives, kevin mccarthy, gave a message of hope. He said that the republican party is having positive discussions with the Biden administration about increasing the debt limit. British media Reuters reported that Biden will discuss the debt ceiling with mccarthy on monday.
References: The new york times and Reuters
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