The U.S. Treasury Department made a sobering announcement on Monday, revealing that the nation’s debt has soared to a staggering $33 trillion. This financial milestone arrives amid the backdrop of intense political negotiations over government spending in the nation’s capital, shedding light on the intricate web of fiscal, political, and economic challenges facing the United States. The... 

On Monday, the US reached its legal debt limit of $18 trillion, more than the country’s entire GDP. Lawmakers will either have to again lift it, or attempt to cap spending. As of March 12, the US Treasury reported federal debt at $18,114,324,000,000.00 in its daily treasury statement. This figure is above the statutory debt limit, which was extended by Congress through March 15 this year. Treasury... 

Republican and Democratic leaders in the US Senate are reportedly “very close” to announcing a deal on the nation’s borrowing authority that would avert an unprecedented default on US debt. Harry Reid and Mitch McConnell, the Senate majority and minority leaders held talks on Wednesday morning as the Thursday deadline on the debt limit is fast approaching. The US Treasury taps out its reserves... 

If the US debt-ceiling debate goes past the eleventh hour, and the default of the world’s largest economy becomes a reality, leading central banks around the world are gearing up to minimize losses and keep the world economy functioning. If US lawmakers don’t reach a budget consensus and raise the debt ceiling by Thursday October 17, the US will become the first Western power to default since... 

President Obama has rejected raising America’s debt ceiling for 6 weeks beyond the October 17 deadline. The compromise was put forward by congressional Republicans, who sought to win time for negotiation and avert an unprecedented US default next week. No specific budget decision was taken in the White House on Thursday, where President Obama met with 20 House Republicans, including Speaker... 

US Secretary of State John Kerry has warned that a prolonged political crisis in Washington would weaken the country at a global level as a political stalemate in the US has forced the federal government shutdown to stretch into its fifth day. “If it were prolonged, or repeated, people would begin to question the willingness of the United States to stay the course and its ability to,”... 

The US Treasury has warned of catastrophic effects if a political stalemate over raising the government’s debt limit forces a US default on its obligations. The federal government is expected to exhaust its cash reserves by October 17 and if US lawmakers do not reach an agreement to raise the nation’s debt ceiling, the government will not be able to pay its bills and will default on its legal... 

Financial markets in Asia and Europe have been rocked over concerns that the United States’ government might be heading for a partial shutdown. Washington should agree to a new spending bill before the end of the financial year at midnight on Monday amid political divisions that have created a stalemate. If the American lawmakers fail to agree on the budget deal, essential federal services could... 

The House voted on legislation Wednesday that will raise the debt ceiling for three months and delay a US default. Even though this is just a short term fix, the Obama administration said it supports it. The legislation prevented a devastating default of US debt and payments next month and instead give Congress three more months to come up with an agreement on the budget, taxes, spending and the deficit....