US Senate takes over to avert a federal debt default

The issue of US debt ceiling is getting grave with the passage of time and now in a grim situation to avert a federal debt default, the US Senate takes over to find a solution to the problem.

Upper chamber leaders resumed work overnight on a deal to raise the US borrowing limit and end a partial government shut-down.

Amid the congressional disarray, a top ratings agency warned of a possible downgrade in US creditworthiness.

It may be added that the US must raise its $16.7tn (£10.5tn) debt limit by Thursday or risk default.

Source | Photo
If you like Imposing Headlines, please follow us on Facebook

Read more »

Obama warns of default danger amid US Shutdown

[Photo]

Amid the US wide shut down, the American President Obama has warned that Wall Street should be concerned that a conservative faction of Republicans is willing to allow the country to default on its debt.

It may be recalled that the US government has been partially closed after Congress failed to agree a budget. If corrective measures are not timely applied and unless  the debt ceiling is raised, there is a likelihood that the country will  and will run out of cash on 17 October.

Already, the shut-down has left more than 700,000 employees on unpaid leave and closed national parks, tourist sites, government websites, office buildings, and more.

Read more about it at: BBC News
If you like Imposing Headlines, please follow us on Facebook

Read more »