OUT OF MONEY! White House Requests Funds to Avert Government Shutdown.|AsianQuickTake

In this episode, we explore the concerning signs surrounding the U.S. debt problem and its potential consequences for the global economy. Is the U.S. debt problem worsening? The White House has requested Congress to pass a short-term funding measure to prevent a government shutdown by September’s end. This move aims to avert significant disruptions in federal services. The U.S. fiscal challenge extends beyond short-term fixes. Despite recent legislation, federal spending consistently exceeds revenues, projecting a potential budget deficit of $20.2 trillion over the next decade. This isn’t the first fiscal crisis in 2023. Divisions persist in the U.S. economy, with the House favoring spending cuts and the Senate and White House supporting expenditure expansion. The risk of a government shutdown is real. It could impact numerous federal programs, including nutrition assistance for low-income families. The White House has requested Congress for additional funding to prevent disruptions in the “WIC“ program, serving millions of impoverished households. Despite the temporary suspension of the U.S. debt ceiling, no consensus exists between Congress and the White House on budget spending. If spending bills aren’t passed, federal funding could run out by September 30th. International rating agencies have downgraded the U.S. sovereign credit rating. Several countries are selling off their U.S. debt holdings, weakening the dollar’s status. Countries like China, Brazil, India, Saudi Arabia, and the UAE have accelerated their move toward the petro-yuan, challenging the U.S. dollar’s dominance. Reduced global dollar transactions in oil trade pose a threat to the U.S. economy. Major oil-producing countries, including Saudi Arabia, are engaging in economic and trade transactions using non-dollar currencies. China, the world’s largest commodity importer, has been reducing its holdings of U.S. Treasury bonds, making it the largest international seller of such bonds. The U.S. dollar’s depreciation and the yuan’s appreciation could further impact the U.S. economy. U.S. congressional members have even proposed using gold reserves to pay off debt to safeguard the U.S. dollar’s status. We value your input and viewpoints. Share your thoughts in the comments section below. If you found this content informative, please subscribe and enable notifications for more in-depth analyses. Stay tuned for our next episode! 💯TOP 3 Video Swiss Sells $36.4 billion U.S. Treasuries ▶ Africa Rejects US’ Blank Check ▶ China to Accelerate Dumping of Up to $800bn U.S. Debt ▶ ━━━━━━━━━━━━━━━━━━━━━ ✅ COPYRIGHT DISCLAIMER Asian Quicktake Doesn’t Fully Own Some of the Materials Compiled in Its Videos. It Belongs to People or Organizations Who Ought to Be Respected. If Used, It Falls Under the Following Provisions: Copyright Disclaimer Section 107 of the Copyright Act 1976. “Fair Use“ is Allowed for Purposes Such As Criticism, Comment, News Reporting, Teaching, Scholarships, and Research. ━━━━━━━━━━━━━━━━━━━━━ ✅ If You Are the Owner of the Materials Used in This Video, Let us Know in the Comments or Send a Email to me. We Will Follow Your Request Immediately. ━━━━━━━━━━━━━━━━━━━━━ ✅ FINANCIAL DISCLAIMER This Channel’s Content Should Not Be Interpreted or Construed As Financial Advice. We Are Not, and Do Not Claim to Be, an Attorney, Accountant, or Financial Advisor. This Channel’s Content is Not a Substitute for Financial Advice and is Solely for Entertainment Purposes.