Clock ticks down on what US government says is a June 1 'X-date' for it to run out of money and trigger likely devastating economic upheaval as tug-of-war between Republicans and Democrats continues
Treasury Department reportedly asks federal agencies to look into the feasibility of deferring scheduled payments if the US blows through the debt ceiling. / Photo: Reuters
House Speaker Kevin McCarthy on Wednesday has said the debt default standoff was"not my fault" after he sent Republican negotiators to the White House to finish the talks, while the White House blamed Republicans led by McCarthy for risking a devastating default that would hit"every single part of the country".
While the probability that policymakers fail to lift or suspend the debt ceiling remains low, the risks of the United States stumbling into a situation where it cannot meet all its financial obligations — known as the"X-date", rises with every day that passes.
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