(New York = Yonhap News) Correspondent Ko Il-hwan = An analysis has been raised that the US federal government's cash reserves will run out this summer at the earliest.
The New York Times (NYT) reported on the 22nd (local time) that the Washington-based think tank By-Party Policy Center (BPC) said that if the federal government's debt ceiling is not raised, the 'X Date' will arrive by this summer or fall at the latest. It was reported that the forecast was made.
An 'X date' is the day the US federal government runs out of cash.
"There is a possibility that the federal government's cash reserves will be near the bottom between early and mid-June," said Shai Akabas, director of economic policy at the BPC.
Previously, the US Congressional Budget Office (CBO) predicted the arrival of the X-date in July-September.
The BPC pointed out that the political world should raise the debt ceiling bipartisanly in consideration of the aftermath that would have on the U.S. and global economy if the federal government defaults.
The current debt ceiling of the US government is $31.381 trillion.
On the 19th of last month, the US government's debt exceeded the limit, but the Treasury Department is avoiding a default situation by delaying public sector investments or using government cash to prevent emergency situations.
In the House of Representatives, the Republican Party, which is the majority party, put forward government spending cuts as a condition for raising the debt ceiling, but President Joe Biden is demanding an unconditional increase in the debt ceiling.
President Biden and House Speaker Kevin McCarthy, a Republican, held talks at the White House last month, but failed to find a breakthrough.
Treasury Secretary Janet Yellen asked Congress to raise the limit or temporarily suspend the application of the limit, saying that June is the limit for the federal government to avoid default through special measures.
Foreign media including Reuters reported on the 23rd that U.S. Treasury Secretary Janet Yellen announced plans to provide an additional $10 billion economic aid package to Ukraine, which is at war with Russia.
Secretary Yellen held a press conference in Bengaluru, India, on the same day and said she expects the US to send this amount to Ukraine in the coming months.
He visited India to attend the G20 finance ministers and central bank governors' meeting held in Bengaluru on the 24th and 25th.
Yellen said the US had previously provided $46 billion in military, economic, and humanitarian aid to Ukraine.
According to foreign media, support for Ukraine was discussed at the G7 meeting on the same day.
The International Monetary Fund (IMF) predicted in December last year that Ukraine would need external financial support of at least $39.5 billion (about 51.2 trillion won) this year. In this regard, Ukraine is currently pursuing a plan to receive a support package worth 15 billion dollars (approximately 19.4 trillion won) from the IMF.
Secretary Yellen said that sanctions against Russia had achieved meaningful results, and that the US would seek stronger sanctions.
Citing the oil price cap as a representative example of sanctions against Russia, he emphasized, "Last month, Russia's oil-related revenues fell by nearly 60% compared to immediately after the invasion."
"The global economy is in better shape than many expected a few months ago," he added.
In addition, Secretary Yellen pointed out that G20 countries should work hard to relieve the debt of underdeveloped countries.
"We will continue to press all creditors, including China, to engage in meaningful debt management for struggling developing and emerging markets," he said.
your nation have no money..!!! and still all money goes to ukraine...
it's not time for worry about ukraine. but should care yourself.
just cut off and do backward with leftist and japan and worldly life.
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