top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

United States

29 Sept 2021

U.S Senate Republicans Once Again Block Bill for Debt Limit

The Index Today

On Tuesday, House Republicans once again block democratic bill aimed to avert a national credit default. With the bill being passed, democrats would be able to raise the debt ceiling without the 60-vote margin requirement from the chamber.

Democrats have raised concerns over upcoming expiry of government funding on Thursday and borrowing authority to run in coming weeks which could lead to fiscal economic disasters. The party has further stated that approximately $5 trillion of the debt is a direct result of tax cuts provided by the previous Trump administration.

The upcoming deadlines have led to further chaos and confusion which could have been resolved with the passing of the bill. It was reported that Biden postponed his upcoming trips to support democrats in negotiations in seeking a majority win. An official from the administration stated, “There is a strong sense that progress is being made, and the president is staying to continue his engagement.”

The previous government shutdown occurred during Trump’s presidency and lasted around 35 days. Last week a measure was passed that would enable government funding up until December 3rd. Janet Yellen, Treasury Secretary has stated by October 18th the government will no longer have debt service options.

©Photo: SARAH SILBIGER | AP

Clay pottery with table linens
bottom of page