(Agency) Washington, the country that gives economic packages to hundreds of powerful and economically weak countries in the world, America itself is on the verge of bankruptcy. And if everything doesn’t work out as expected, on June 1, America will make bankruptcy history. The effect of which will be felt all over the world including India.
There is no consensus between President Joe Biden and the US Congress on debt ceiling extension. Treasury Secretary Janet Yellen has warned. If the debt ceiling is extended, the US could default on June 1. If this happens, it will have dire consequences. 83 lakh jobs will be lost overnight and half of the US stock markets will sink.
The seriousness of the situation can be seen from the fact that President Biden has decided to leave his Asia tour in the middle. There is a possibility that the two parties may be involved in the US. CEOs of 150 top companies of the country have appealed to find a solution at the earliest.
It has been warned that if no solution is taken immediately, the situation will become dire. Earlier, the White House economist had warned that if America defaults, 83 lakh jobs will be lost in the country. The stock market will clear half.
GDP will fall by 6.1 percent and unemployment rate will increase by 5 percent. Interest rates in the country are at their highest since 2006. The backpacking sector is constantly collapsing. The dollar is collapsing. And the fear of recession is 65 percent.