Hello, everyone! Today, let's analyze the views of economists on the controversy over the increase in the U.S. debt limit. In this article, we will look at the serious impact on business and consumer confidence if the U.S. fails to increase its debt ceiling, the increase in short-term borrowing costs for taxpayers, and the negative impact on U.S. credit ratings.
Contents:
- Background of Debt Limit Increase Controversy
- Possible Impact of Failure to Increase the Debt Limit
- the views of economic experts
Background of Debt Limit Increase Controversy
U.S. Treasury Secretary Janet Yellen recently warned that a failure by the United States to increase its debt ceiling could have serious consequences.
If the U.S. federal government's borrowing limit is not agreed, there is a risk of running out of funds as early as early as early June.
This could lead to situations in which the federal government may not be able to pay wages, welfare, and other expenses, which Yellen stressed was "the role of Congress."
Possible Impact of Failure to Increase the Debt Limit
Yellen stressed that failure to reach a cross-party agreement on the issue could lead to a constitutional crisis.
In addition, the U.S. federal government's debt limit has been raised, extended, and changed 78 times since 1960, but negotiations have collapsed.
While the U.S. government's default crisis, including its obligation to repay debt, has always ended with a deal, there are concerns that if a default occurs,
it will shake global financial markets and have a far-reaching impact on the economy.
the views of economic experts
Economists have warned that the past deadlock over the debt ceiling could seriously damage business and consumer confidence if it continues to the last straw.
This could raise taxpayers' short-term borrowing costs and negatively affect the U.S. credit rating. Yellen also agreed with this view,
stressing that delays in the processing of the bill could have negative consequences.
In conclusion, the U.S. debt ceiling increase controversy is drawing much attention due to its serious impact on global financial markets and the economy. Against this backdrop, it appears that the U.S. Congress and government should reach an agreement to establish policies that can contribute to financial market stability and economic growth. It is expected that we will continue to watch the development of this problem and the views of economists.
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