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BREAKING
Information Minister in Pakistani-administered Kashmir: Five civilians killed and at least 29 others injured in shelling across the border with India
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: So he [Trump] decided to cut off contact. That might still change, but that’s the situation right now
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: Trump’s circle told him [Dermer] that Netanyahu was manipulating him, and there’s nothing Trump hates more than being portrayed as someone being played
Senior Palestinian official to Al Mayadeen: Meetings between the Israelis, Egyptians, and Qataris are all centered around the Israeli proposal, which does not guarantee an end to the war [on Gaza]
Senior Palestinian official to Al Mayadeen: “Israel” is threatening to expand the ground offensive if Hamas rejects the proposal
Senior Palestinian official to Al Mayadeen: Hamas rejects the Israeli proposal, viewing it as failing to guarantee an end to the war
Senior Palestinian official to Al Mayadeen: “Israel” is sticking to its proposal, and insists there is no alternative offer on the table for negotiation
Senior Palestinian official to Al Mayadeen: The meetings between the Israelis and the Egyptians and Qataris all revolve around the Israeli proposal
The administration was clearly looking for an off-ramp for this campaign against Ansar Allah, NBC News reports, citing US official
Trump's operation against Ansar Allah cost more than $1 billion, NBC News reports, citing US official

Congress inaction on debt ceiling threatens US economy: Treasury

  • By Al Mayadeen English
  • Source: Agencies
  • 17 May 2023 23:41
3 Min Read

The official warned that failing to raise the debt ceiling would lead up to a recession and would severely impact small businesses and trigger a massive wave of company closures. 

  • x
  • Wally Adeyemo (Bloomberg)
    Wally Adeyemo (Bloomberg)

Deputy Secretary of the Treasury Wally Adeyemo said on Wednesday that the US Congress' inaction in enabling the US to meet its obligations by raising the debt ceiling is the "greatest threat" to the US economy since the global pandemic. 

"The single greatest threat to the progress the American economy has made since the pandemic is Congress’s failure to take action to meet the United States’s obligations," Adeyemo said at the National Asian / Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE) 2023 Business Summit.

He further warned that failing to raise the debt ceiling would lead up to a recession and would severely impact small businesses and trigger a massive wave of company closures. 

"Congress must take action to raise the debt limit and do what is needed to protect families and small businesses, as it has done nearly 80 times before. It is the only way to maintain the economic progress we’ve made," he said.

The U.S. economy is growing with over 200,00 jobs created this past month. If Congress fails to raise the debt limit, we would go into a recession and it would be catastrophic. pic.twitter.com/f7KQIkY6AH

— Deputy Secretary Wally Adeyemo (@TreasuryDepSec) May 15, 2023

Last week, the US Congressional Budget Office warned that if lawmakers fail to raise the amount of debt the country is legally allowed to build up, the US will be faced with a "significant risk" of defaulting within the first two weeks of June.

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Read more: McCarthy on Biden debt update: 'They want a default more than a deal'

Earlier in the day, US President Joe Biden said that he is confident an agreement with congressional leaders will be reached regarding the US debt ceiling being raised and that the US government will not default on its financial obligations.

"We are confident that we'll get the agreement on the budget, that America will not default," Biden said. "We're going to come together because there's no alternative to doing the right thing for the country. We have to move on."

This comes after he announced earlier this morning that he will not be attending the Quad meeting in Sydney where he was scheduled to meet with Republicans to discuss raising the debt limit. 

Biden said he will be in constant communication with his team while away to attend the G7 summit that will be held in Hiroshima, Japan, from May 19-21. 

He added that he will remain in close contact with US House Speaker Kevin McCarthy and with other congressional leaders.

"I'll be in constant contact with my team while I'm at the G7 and I'll be in close touch with [House] Speaker [Kevin] McCarthy and other [congressional] leaders as well," Biden said.

Read more: Debt ceiling talks 'moving along' but no crunch point' reached: Biden

  • US debt
  • debt default
  • US Treasury

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Throughout Operation Prosperity Guardian, current and former US military and intelligence officials expressed disquiet at the enormous “cost offset” involved in battling Ansar Allah. (Al Mayadeen English; Illustrated by Zeinab El-Hajj)

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