Debt Ceiling News: The Global Financial market depicted mixed signals as the U.S. debt ceiling deadline closes in. Wall Street indexes reportedly fell on Tuesday, while the cryptocurrency market printed green indexes. As the trend is expected to continue ahead, experts suggest that the U.S. default is possible by this Friday.
U.S. Treasury Running Out Of Cash?
Genevieve Roch-Decter, CEO of Grit Capital highlighted that the treasury has left with only $60 billion. She stated that if the spending continues at the same pace then the balance might go negative $18 billion by the end of this week.
She mentioned that if expenditure directly declines back to the same level it was in 2022, the cash balances held by the treasury will still be down to stand at around $13 billion. She speculated that if the trend of extra spending continues throughout this week then the balance will turn negative $18 billion by Friday.
This implies that the U.S. Treasury will not be in a position to pay the emerging bills unless the debt ceiling gets raised by the government.
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The White House executives and Congressional Republicans will be having a negotiating session on raising the $31.4 trillion debt ceiling as the deadline closes in.
As per reports, the U.S. House of Representative Republican stated that the negotiation talk showed a little progress. However, both parties seemed to be fairly divided in order to find a solution for the deficit.
U.S. President Joe Biden and top Republican Kevin McCarthy met on Monday to move debt ceiling talks ahead. The Treasury Department has already issued a warning to the government of running of cash by June 1.
Amid the emerging crisis, the crypto market printed green indexes. The cumulative market cap is up by 1.42% in the last 24 to stand at $1.14 trillion.
