From: counting the costs
Treasury Secretary Janet Yellen warns the US could default by early June if Congress doesn’t raise the debt ceiling.
The United States’ national debt is now six times what it was at the beginning of this century. Despite its growing liabilities, the country has never defaulted on its payments.
However, the US has reached its borrowing limit of $31.4 trillion. That means the government could run out of money to pay its bills in less than five months. It also forces Congress to raise or suspend the debt ceiling.
However, it is expected to be an uphill battle to get lawmakers to agree on the actions to be taken.
Elsewhere, Britain’s National Health Service is at a breaking point. Can it be reformed?
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