Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al-Qassam Brigades: We will hand over the body of one of the occupation prisoners that was exhumed today in the Gaza Strip at 9 pm Gaza time.
Al Mayadeen correspondent to southern Lebanon: One martyr and one wounded in the initial toll of an Israeli drone strike targeting the town of Al-Bayyad.
Local sources report that a car bomb explosion has targeted the General Security headquarters near the Baniyas Court in the Tartous countryside, western Syria
Israeli artillery strikes target Khan Younis, the Gaza Strip.
Palestinian media: IOF arrest leader Jamal al-Tawil, who was liberated as part of the prisoner exchange, from his home in al-Bireh.
Palestinian media: 'Israel' launches two airstrikes on eastern Khan Younis, Gaza.
Al Mayadeen’s correspondent in Gaza: Israeli occupation forces carry out demolitions in eastern Gaza City.
Venezuelan Foreign Ministry: The National Armed Forces will remain on alert and mobilized in the face of this extremely dangerous provocation.
Venezuelan Foreign Ministry: This is not a defense exercise, but rather a military aggression aimed at turning the Caribbean into a space for violence and US hegemony.
Venezuelan Foreign Ministry: The government of Trinidad and Tobago has surrendered the country's sovereignty to act as a military colony serving US interests.

Asian markets sink as US debt ceiling talks stall

  • By Al Mayadeen English
  • Source: News Websites
  • 24 May 2023 11:31
3 Min Read

US President Joe Biden and House Speaker Kevin McCarthy have been meeting in an attempt to find a way to raise the borrowing ceiling, however, the stall in negotiations has been affecting markets.

  • x
  • Asian markets sink as US debt ceiling talks stall
    The boot on the statue of George Washington, the first president of the United States, is seen across from the New York Stock Exchange (NYSE) on November 4, 2020. (Reuters)

On Wednesday, Asian markets mimicked Wall Street's losses as investors grew increasingly anxious about stalling US debt ceiling discussions to avoid a severe default.

The excitement that pervaded trade floors earlier this week has given way to worry, with numerous Republicans doubting an early June deadline, and some even claiming that the government is nowhere close to running out of cash in the first place.

All eyes are now on Washington, where US President Joe Biden and House Speaker Kevin McCarthy have been meeting in an attempt to find a way to raise the borrowing ceiling from the present $31.8 trillion.

On Monday both said their first one-on-one talks in months to avoid a calamitous debt default were "productive" but that disagreements were still blocking any possible deal.

The White House meeting came after Biden cut off a  short trip to Asia to recommence talks in advance of the US Treasury's June 1 deadline for Congress to authorize more borrowing.

WATCH: “I’m confident that we’ll get the agreement on the budget and America will not default,” President Joe Biden said Wednesday at the White House.

He said he and lawmakers will come together “because there’s no alternative.” https://t.co/n2YIiFpKWM pic.twitter.com/tuwOF5LIV0

— Washington Week | PBS (@washingtonweek) May 17, 2023

McCarthy told journalists that negotiators were going to "work through the night" to move the sides closer and that he and Biden would "talk every day to try to find a way to get this done."

Related News

US debt burden set to surpass Italy’s IMF warns

Trump rules out vice presidency bid in 2028

A simple way for the Democrats to avoid default is to pass the Limit, Save, Grow Act in the Senate.

With just 9 days left to go, Republicans remain the only ones in Washington who have actually done anything to lift the debt limit and avoid default. pic.twitter.com/QmkDJKHmro

— Kevin McCarthy (@SpeakerMcCarthy) May 23, 2023

White House Press Secretary Karine Jean-Pierre said some movement is being seen, and that "both sides have to understand that they're not going to get everything that they want." 

US Treasury Secretary Janet Yellen warned that an agreement must be reached by June 1 or the US risks defaulting on its debt payments.

However, House Majority Leader Steve Scalise stated on Tuesday that he would like to "see more transparency on how they came to that date" of June 1.

"It looks like they're hedging now and opening the door to move that date back."

Texas Rep. Chip Roy called the threat of a default a "manufactured crisis," adding, "The fact is, we're not going to default on our debt. That's just completely false. We've got the money to do it."

Stephen Innes of SPI Asset Management stated further noted, "Beyond economics, the debt limit debate highlights the political polarisation that persists in the US and casts a cloud over the political process in Washington."

He went on to say that "the underlying issue was the worsening political polarisation, and it's hard to argue that the process has done anything other than continue to worsen since 2011."

Following the Wall Street sell-off, Asia was also under pressure on Wednesday.

  • United States
  • US President Joe Biden
  • Kevin McCarthy
  • US debt
  • US debt ceiling
  • Washington

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • Today

Coverage

All
War on Gaza

Read Next

All
Sheikh Naim Qassem speaks during an interview with Al-Manar TV, October 26, 2025 (Screenshot)
Politics

Hezbollah ready to face 'Israel' in case of war: Sheikh Naim Qassem

A Russian cargo train arrives at Astara Railway Wharf, March 2018 (IRNA)
Economy

Tehran, Moscow to finalize INSTC rail project next month

Iran's Parliament Speaker Mohammad Bagher Ghalibaf addresses the media after submitting his candidacy for the Islamic Republic's upcoming presidential election in Tehran on June 3, 2024 (AP)
Politics

UNSCR 2231 termination marks major win for Iran’s diplomacy: Qalibaf

ap
Politics

'Israel' killed 40 Palestinian children in West Bank since January: UN

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS