US Debt Ceiling And The Global Market

 

The US president, Joe Biden is facing a lot of resistance in his decision of raising the debt ceiling to pay all the bills the country is liable to pay by next month. Whether to increase the debt limit of the country or not has become a point of argument between the democrats and the republicans.

Treasury secretary Janet Yellen predicted that the country is going to exhaust all the borrowing capacities by October 18th. After this date, the country will no more be able to use any kind of credit as the debt ceiling will be touched and can’t be crossed.

The impact of the finishing off of the debt limit will be experienced in terms of unemployment, declined economic activities, loss of stocks, and will lose the household wealth as well. If the limit is not lifted the country may have to cut off its other expenses that are carried out by the treasury. They will majorly include the healthcare facilities given to the citizens and the privileges being given to the military families for their essential contribution. The country will face many adverse effects that will majorly change the economic conditions of the country.

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