The debt crisis has started deepening in America, the world’s most powerful country. there is news America The fiscal reserves have reached the verge of exhaustion. The International Monetary Fund (IMF) had warned about this three months ago. Here in the midst of this crisis, Joe Biden has canceled his G-7 Asia tour. He will not go to Papua New Guinea or Australia. Although Biden will attend the Group of Seven (G7) summit to be held in Hiroshima, Japan this week. President Biden will return to the United States on Sunday following the completion of the G7 summit.
Australia cancels Quad meeting
Australia has also canceled the Quad meeting to be held in Sydney after US President Joe Biden’s visit to Australia was postponed. Australian PM Anthony Albanese said that the leaders of Australia, America, India and Japan will meet at the G7 in Japan later this week.
Will America default?
The International Monetary Fund (IMF) recently warned that the US government has exceeded its borrowing limit. That is, now the danger of default is looming over him. According to the IMF, if the US government defaults, there could be economic instability all over the world. MF’s communications director Julie Kojack said, if America If default happens, not only America will be affected by this, but also the global economy will have to face serious consequences.
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Australia cancels Quad meeting in Sydney after US President Joe Biden postponed his trip to Australia due to debt ceiling negotiations in Washington.Australian PM Anthony Albanese said the leaders of Australia, US, India & Japan would instead meet at the G7 in Japan this… pic.twitter.com/GS2xDYLrek
— ANI (@ANI) May 17, 2023
If America defaults then the government will not have money to pay the bills in June
The International Monetary Fund (IMF) had already warned that if there was a default, the US government would not have the money to pay bills in June. The US Treasury had said that due to lack of money in the treasury, it would not be able to pay the dues to the government in June. Now the pressure on the Joe Biden government to increase the loan limit has increased. However, both the major parties of America, the Republican and Democratic parties, seem to be divided on this issue. President Joe Biden’s Democratic Party is in favor of increasing the debt limit.
