President Joe Biden on Thursday signed into law a bill raising the nation’s debt limit by $480 billion, delaying the prospect of an unprecedented federal default until December, the White House said. Without the increase in the debt ceiling, the Treasury had estimated it would run out of money to pay the nation’s bills on October 18, which Secretary Janet Yellen warned would lead to an “economic catastrophe.”
Bank of America is tapping the U.S. investment-grade bond market today with a self-led deal, joining Morgan Stanley in issuing new debt after a better-than-expected earnings report.
China’s central bank sought to ease concern about potential contagion from China Evergrande’s debt crisis, saying the risk of the developer’s problems spilling over into the financial system was controllable.
What people are saying?
Dihorse37 The Fed is creating dollars fr scratch at an unprecedented rate to rescue the economy amid the coronavirus pandemic. The rest of the world is paying the cost. US does not seem to have any intention to pay off its debt.
Matador Mentality The media does kinda suck, though. And so does Pelosi. America is absolutely doomed. Too corrupt. Most bloody days filled with suffering r yet to come in America