
-
Swedish insurer drops $160 mn Tesla stake over labour rights
-
Hunger returns to Gaza as Israeli blockade forces bakeries shut
-
Rubio heads to Europe as transatlantic tensions soar
-
Like 'living in hell': Quake-hit Mandalay monastery clears away rubble
-
'Give me a break': Trump tariffs threaten Japan auto sector
-
US approves $5.58 bn fighter jet sale to Philippines
-
Tsunoda embracing pressure of Red Bull debut at home Japanese GP
-
'Outstanding' Hay shines as New Zealand seal Pakistan ODI series
-
El Salvador's Bukele flaunts 'iron fist' alliance with Trump
-
Stock markets mixed as uncertainty rules ahead of Trump tariffs
-
China probes for key target weak spots with 'paralysing' Taiwan drills
-
'Top Gun' and Batman star Val Kilmer dies aged 65: New York Times
-
US lawmakers seek to rename street for Hong Kong's jailed Jimmy Lai
-
Greece to spend big on 'historic' military shake up
-
Trump faces first electoral setback after Wisconsin Supreme Court vote
-
Hay shines as New Zealand beat Pakistan for ODI series win
-
Israel says expands Gaza offensive to seize 'large areas'
-
Curry drops 52 as Warriors win, Jokic bags career-high 61 in Denver loss
-
South Korea mobilising 'all resources' for violence-free Yoon verdict
-
Myanmar quake victim rescued after 5 days as aid calls grow
-
Real Madrid coach Ancelotti tax fraud trial set to begin
-
Warner showcases 'Superman' reboot, new DiCaprio film
-
'Incredible' Curry scores 52 as Warriors down Grizzlies, Bucks edge Suns
-
Asian markets edge up but uncertainty rules ahead of Trump tariffs
-
Nintendo's megahit Switch console: what to know
-
Nintendo to unveil upgrade to best-selling Switch console
-
China practises hitting key ports, energy sites in Taiwan drills
-
Oil, sand and speed: Saudi gearheads take on towering dunes
-
All eyes on Tsunoda at Japan GP after ruthless Red Bull move
-
'Image whisperers' bring vision to the blind at Red Cross museum
-
Hay shines as New Zealand make 292-8 in Pakistan ODI
-
Other governments 'weaponising' Trump language to attack NGOs: rights groups
-
UK imposes online entry permit on European visitors
-
How a Brazilian chief is staving off Amazon destruction
-
Meme politics: White House embraces aggressive alt-right online culture
-
China launches military drills in Taiwan Strait
-
US senator smashes record with 25-hour anti-Trump speech
-
Brazil binman finds newborn baby on garbage route
-
US senator smashes record with marathon anti-Trump speech
-
Trump advisor Waltz faces new pressure over Gmail usage
-
Niger junta frees ministers of overthrown government
-
Trump set to unleash 'Liberation Day' tariffs
-
Boeing chief to acknowledge 'serious missteps' at US Senate hearing
-
Real Madrid hold Real Sociedad in eight-goal thriller to reach Copa del Rey final
-
Nuno salutes 'special' Elanga after stunning strike fires Forest
-
PSG survive scare against Dunkerque to reach French Cup final
-
Sundowns edge Esperance as crowd violence mars quarter-final
-
Nottingham Forest beat Man Utd, Saka scores on Arsenal return
-
Elanga wonder-goal sinks Man Utd as Forest eye Champions League berth
-
Stock markets mostly advance ahead of Trump tariffs deadline

US Treasury to take 'extraordinary measures' to avoid debt default
The US Treasury Department will start taking "extraordinary measures" next week to avoid risking a default on government debt, Secretary Janet Yellen said Friday, days before President-elect Donald Trump takes office.
With the government reaching its borrowing limit, the department would start making the moves on Tuesday, Yellen said in a letter to congressional leaders.
Trump's administration will have to grapple with the issue of the debt ceiling -- the limit on government borrowing to pay bills already incurred.
But the lifting of this bar, while often routine in the past, has become a contentious issue.
On Friday, Yellen said: "The period of time that extraordinary measures may last is subject to considerable uncertainty."
She noted there are challenges to forecasting the government's payments and revenue months into the future.
"I respectfully urge Congress to act promptly to protect the full faith and credit of the United States," Yellen wrote.
For now, she said the Treasury would hold off investments in the Civil Service Retirement and Disability Fund not immediately required to pay beneficiaries.
The fund will be made whole once the debt limit is raised or suspended.
"Federal retirees and employees will be unaffected by these actions," she said.
In mid-2023, US lawmakers voted to suspend the debt limit after weeks of fraught negotiations, to eliminate the threat of a default.
The limit was reinstated on January 2 and set at $36.1 trillion, matching the total debt outstanding on the previous day.
During December budget negotiations in Congress, Trump insisted the debt ceiling be raised or even eliminated altogether, although he was unsuccessful at the time.
On Thursday, Trump's Treasury secretary nominee Scott Bessent told lawmakers at his confirmation hearing that he would work with Trump to remove the limit if the incoming president wanted to do so.
Extraordinary measures by the Treasury will allow it to continue financing the government's activities.
But if the debt ceiling is not raised or suspended before the tools are exhausted, the government risks defaulting on payment obligations.
This has profound implications for the world's biggest economy.
Earlier this month, Fitch Ratings said the United States faces "significant fiscal policy challenges in 2025."
It pointed to the debt limit, appropriations and "tax cuts in the context of already large deficits and an increasing debt burden."
"We believe it is unlikely that these will be resolved expeditiously because of long-standing weaknesses in the federal government's budgetary process and a narrow Republican House majority," Fitch added.
Y.Nakamura--AMWN