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
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country
AEOI Chief Mohammad Eslami: We witnessed new, stricter stances from European countries since signing new agreement with IAEA
Saree: Our UAV force targeted the so-called Ramon Airport in the Umm al-Rashrash area in southern occupied Palestine

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

Study blows lid off US think tanks’ hidden donors

Iran executes Mossad spy for espionage amid Israeli aggression

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

Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Britain Trained Israeli Soldiers Involved in Gaza War: Declassified
Europe

UK training of Israeli officers sparks outcry over Gaza war complicity

Luxembourg's Prime Minister Luc Frieden arrives for an EU summit at the European Council building in Brussels, Thursday, June 26, 2025. (AP Photo/Omar Havana)
Politics

Luxembourg to recognize Palestine at UN summit next week

European Union flags flap in the wind outside EU headquarters in Brussels, Wednesday, Sept. 3, 2025 (AP)
Politics

EU exec. branch to adopt new sanctions against 'Israel' on Wednesday

Charlie Kirk killing suspect faces charges in Utah court hearing
US & Canada

Charlie Kirk murder suspect faces formal charges in Utah court hearing

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