22 Apr '11, 2pm

US contemplates whether to raise US$14.4 trillion debt ceiling

With less than a month to go before the United States reaches its borrowing limit, the government is debating whether or not to raise its current US$14.4 trillion debt ceiling. The world's biggest economy could face defaulting if its huge deficit is not sustained by additional borrowing. Added with a recent downgrade of the government's fiscal health, the US could be up for some troubling times. "We have to live within our means. We have to reduce our deficit and we have to get back on a path that will allow us to pay down our debt," said US President Barack Obama. Both the American President Barack Obama and Republican Party have proposed budget cuts aimed at slashing around US$4 trillion from the country's US$14.3 trillion debt. However, America has huge spending habits, and not raising the debt ceiling could result in serious concerns for the investors who act as the co...

Full article: http://www.channelnewsasia.com/stories/economicnews/view/...

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