Very well known Exeweb poster
- Aug 22, 2007
- Far away across the field
Tightening my seat belt.....The looming Federal Government debt ceiling default is major news over here.
1st June is the D Day to get the issue sorted. Cuts required to some government projects & tax raises for some. Serious enough for Biden to skip the planned visit to Aus after the G7. There was similar brinkmanship in 2011 iirc which lead to market turmoil & interest rate hikes.
Federal employees pay & Social Security payments will not be made if the ceiling is breached.
Any sort of fiscal issue in the USA will have ramifications around the financial markets of the world.