US Debt Default Explained | What Are The Implications Of Debt Default By The US Govt? | UPSC 2024
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The US Treasury Secretary Janet
The US Treasury Secretary Janet Yellen has warned of the US defaulting on debt by June 1, 2023 if the House of Representatives and President Joe Biden’s White House fail to reach an agreement to raise or suspend the debt ceiling.
The US government has faced the threat of breaching the debt limit multiple times. The US hit the present debt ceiling limit of $31.4 trillion in January 2023 and the treasury initiated the extraordinary measures mechanism to allow the government to meet expenditures.
The US government will default on debt if it runs out of cash, extraordinary measures are exhausted and the debt ceiling is not raised.
In this context, it is important to understand What is the US Debt Default? What is the debt ceiling limit? What are the causes of Debt Ceiling Standoff? What are the potential impacts of US Debt Default? For answers to these questions and much more details watch the full video. Understand various current affairs topics, strictly from the perspective of the UPSC Civil Services Examination, subscribe to our YouTube Channel Now!!!
So, if you are preparing for UPSC exams or want to improve your knowledge of the Indian economy, make sure to watch this video till the end. Don't forget to like, comment, and subscribe to our channel for more informative videos on UPSC exam topics.
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