Could America default on its debt for the first time in history?
US Treasury Secretary Janet Yellen has warned Congress that failing to raise the debt limit would cause irreparable harm to the global economy. This video examines the high-stakes standoff between House Republicans and the White House over the $31.4 trillion borrowing limit.
The US is facing its most precarious debt ceiling conflict since 2011. Treasury Secretary Janet Yellen has cautioned that a failure to meet government obligations would damage American livelihoods and international financial stability. The core of the dispute lies in a demand from hardline House Republicans for significant spending cuts as a condition for increasing the debt limit.
The current borrowing limit stands at $31.4 trillion. While Republicans insist on spending reductions, the White House and Democrats have stated they will not negotiate on those terms, creating a stalemate that risks an unprecedented national default.
