DelhiDesk The American Finance Minister, Janet Yellen, has warned that if the debt limit is not increased before June 1, the US may default on loan repayments and be unable to meet all government obligations. This comes amidst negative news for the American economy, with many big banks drowning in recent months and more on the verge of collapse. People have withdrawn over one trillion dollars from banks in the last few days, and the US dollar is facing tough challenges globally. This is the first time in history that America has been in danger of defaulting, and if it happens, it could result in the loss of over 7 million jobs and a decline in US GDP. Yellen had also warned of this in January, and President Joe Biden has called for a meeting with top Congressional leaders to discuss the issue.
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👉 America, the most powerful country in the world, may default on its debts.
👉 Finance Minister Janet Yellen has warned that if the debt limit is not increased by June 1, the government won’t be able to meet its obligations.
👉 Many big banks have failed in recent months, and more are on the brink of collapse.
👉 Americans have withdrawn over $1 trillion from banks in just a few days, leading to economic uncertainty.
👉 The debt to GDP ratio in the US has reached a record level, and the US dollar is facing challenges worldwide.
👉 This is the first time in US history that the country has been at risk of defaulting on its debts.
👉 Yellen had already warned of this risk back in January.
👉 President Joe Biden has called for a meeting with Congressional leaders to discuss the situation.
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