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
IRGC: We have identified and monitored the departure points of the US aircraft that carried out the aggression
IRGC: America has neither the initiative nor the ability to escape the consequences of a powerful response
IRGC: We strongly affirm that Iran's peaceful nuclear technology cannot be destroyed by any attack
Iran's IRGC: Washington has placed itself directly on the frontline of aggression by attacking peaceful facilities
Iran's IRGC: The number, scope, and size of US military bases in the region are not a point of strength, but rather a point of weakness
Tasnim News Agency: Iran's Fordow nuclear facility was only partially damaged by US strikes
UK trade minister Reynolds: We were not involved in Iran attacks but we were informed
Senior Iranian source to Reuters: The number of personnel at the Fordow site had been reduced to a minimum
Senior Iranian source to Reuters: Most of the highly enriched uranium at Fordow was moved to an undisclosed location prior to US attack
Iran's IRGC: The most significant capabilities of the Armed Forces of the Islamic Republic of Iran in this sacred defense have not yet been deployed

US Treasury: debt default will make the world not invest in dollars

  • By Al-Mayadeen English
  • Source: Agencies
  • 15 May 2023 23:58
3 Min Read

Adeyemo expresses that a default would not only worsen the US economy, but it would make the dollar less interesting to the world and more of a risk.

  • x
  •  Bundles of banknotes of U.S. Dollar are pictured at a currency exchange shop in Ciudad Juarez, Mexico on January 15, 2018 (Reuters)
    Bundles of banknotes of U.S. Dollars at a currency exchange shop in Ciudad Juarez, Mexico on January 15, 2018 (Reuters)

US Deputy Treasury Secretary Wally Adeyemo has pronounced what the US has been fearing the most for its economy - in case of a default, people around the world won't be as motivated to invest in products and instruments backed by the US dollar. 

In an interview with NPR, Adeyemo said that a "US default would make US debt and economy worse,"  adding that it "would make people less willing to invest in dollar assets."

This update follows after US President Joe Biden confirmed on Monday that after talks with Congressional leaders, no deal was reached. House Speaker Kevin McCarthy separately said to CNN that they are still "far apart" in the talks, adding that it "seems like they want a default more than a deal." 

The President's Council of Economic Advisers (CEA), a federal agency led by a team of experts, issued a report on Wednesday warning of the possible consequences that would ensue from the US defaulting on its debt payments.

One of the consequences listed in the report includes a series of economic shocks that would result in 8 million job losses this year's summer, as well as a 6% drop in GDP. 

Related News

A true American horror story: The debt deal and the future of the US

Debt ceiling bill overwhelmingly passes US House

According to McCarthy, a deal should be reached this weekend in an attempt "to have a timeline to be able to pass it in both houses." Just two days ago, Biden told his press pool that talks were "moving along" but are "not there yet."

Read more: White House on raising US debt limit: 'We will not negotiate'

The White House and Republicans in Congress have been locked in a dispute on a deal that would avert an unprecedented national default as early as June.

US Treasury Secretary Janet Yellen warned Congress through ABC News last week that failing to resolve the debt ceiling issue on their part might create a "constitutional crisis" and send out a ripple effect across the financial markets.

"I don't want to consider emergency options. What's important is that members of Congress recognize what their responsibility is," she added.

The Republican bill to increase the debt limit and cut down on government spending was passed after a narrow 217-215 vote in the US House of Representatives by McCarthy. His proposal included raising the US debt limit by $1.5 trillion to avert the default of the world's biggest economy.

Senators have reiterated their call for Biden to negotiate the debt ceiling with McCarthy; calling on him to stop "playing Russian roulette" with the American economy. 

  • debt default
  • US
  • Wally Adeyemo
  • Kevin McCarthy
  • Janet Yellen
  • Joe Biden

Most Read

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025
Iran's heavy barrages impact multiple Israeli targets overnight

Iran's heavy barrages impact multiple Israeli targets overnight

  • Palestine
  • 18 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Iran’s Bavar-373 air defense system on display during a military drill (Mehr News Agency)
Politics

Iran intercepts Israeli drones near Tehran, multiple cities

The Israeli Iron Dome air defense system fires to intercept missiles during an Iranian attack over Tel Aviv, Occupied Palestine, Sunday, June 15, 2025 (AP)
Politics

Iran warns aid to 'Israel' will be treated as aggression

US President Donald Trump arrives to board Air Force One at Joint Base Andrews, Friday, June 20, 2025, en route to Montclair, New Jersey (AP)
Politics

Trump, Erdogan made covert attempts to hold talks with Iran: Axios

Ansar Allah supporters surround a giant Iranian flag during an anti-US and anti-'Israel' weekly rally in Sanaa, Yemen, Friday, June 20, 2025 (AP)
Politics

US ships in Red Sea will be targeted if US attacks Iran: YAF

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