If certain steps are not taken, the United States is at the risk of debt default by August for the first time in history, according to a Congressional watchdog
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The United States is at the risk of defaulting on its debt by August if certain steps are not taken, according to a Congressional watchdog.
If the United States defaults on its debt this year, that would be a first in US history and may hasten the looming economic crisis that several commentators say is already on the horizon. It may shatter investors’ confidence, lead to a fall in US bonds’ yield, and lead to millions of people losing jobs, and government workers and pensioners going without payments, and bring the federal governmental activities to a halt.
In an analysis on Wednesday, the Congressional Budget Office (CBO) said that the the US Treasury’s ability to borrow will be exhaused by August or September if the debt limit is not raised or suspended.
The CBO…
