Republican and Democrat representatives met again at the White House in an effort to hammer out a solution to the US debt ceiling crisis. This meeting comes a day after US President Joe Biden held talks with White House speaker Kevin McCarthy.

Treasury Secretary warns US running out of cash, could breach debt limit on June 1

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<p>The governments of the United States and South Korea on Tuesday (May 23) announced new North Korean sanctions related to thousands of IT workers, many operating in China and Russia, whose labours allegedly help fund weapons of mass destruction (WMD) and missile programmes. According&nbsp;to a statement issued by the US Treasury Department, "The DPRK (Democratic People’s Republic of Korea) conducts malicious cyber activities and deploys information technology (IT) workers who fraudulently obtain employment to generate revenue, including in virtual currency, to support the Kim regime and its priorities, such as its unlawful weapons of mass destruction (WMD) and ballistic missile programmes."</p>

<p>The Treasury Department said that one individual Kim Sang Man, and the North Korea-based Chinyong Information Technology Cooperation Company were sanctioned jointly (by the US and South Korea) in relation to their IT worker activities.&nbsp;</p>

<p>North Korea oversees thousands of IT workers worldwide, primarily those in China and Russia&nbsp;to generate revenue that contributes to its unlawful WMD and ballistic missile programmes, the statement said.&nbsp;</p>

<p>"In some cases, DPRK (Democratic People’s Republic of Korea) IT workers can each earn more than $300,000 per year. These workers deliberately obfuscate their identities, locations, and nationalities, typically using fake personas, proxy accounts, stolen identities, and falsified or forged documentation to apply for jobs at these companies," it added.&nbsp;</p>

<h2><strong>Three N.Korean entities previously sanctioned by South Korea</strong></h2>

<p>The department also said that three entities - the 110th Research Center, Pyongyang University of Automation, and Technical Reconnaissance Bureau - were previously sanctioned by South Korea for engaging in cyber operations and illicit revenue generation that support North Korea's WMD programs.&nbsp;</p>

<p>Technical Reconnaissance Bureau currently leads North Korea's offensive cyber efforts and oversees staff affiliated with the infamous Lazarus hacking group.</p>

<p>Lazarus had been accused of carrying out some of the largest virtual currency heists to date. "On March 23, 2022, the Lazarus Group carried out the largest virtual currency heist to date, stealing about $620 million in virtual currency from a blockchain project linked to the online game Axie Infinity," the department also said on Tuesday.&nbsp;</p>

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The governments of the United States and South Korea on Tuesday (May 23) announced new North Korean sanctions related to thousands of IT workers, many operating in China and Russia, whose labours allegedly help fund weapons of mass destruction (WMD) and missile programmes.

The governments of the United States and South Korea on Tuesday (May 23) announced new North Korean sanctions related to thousands of IT workers, many operating in China and Russia, whose labours allegedly help fund weapons of mass destruction (WMD) and missile programmes. According to a statement issued by the US Treasury Department, "The DPRK (Democratic People’s Republic of Korea) conducts malicious cyber activities and deploys information technology (IT) workers who fraudulently obtain employment to generate revenue, including in virtual currency, to support the Kim regime and its priorities, such as its unlawful weapons of mass destruction (WMD) and ballistic missile programmes." The Treasury Department said that one individual Kim Sang Man, and the North Korea-based Chinyong Information Technology Cooperation Company were sanctioned jointly (by the US and South Korea) in relation to their IT worker activities. North Korea oversees thousands of IT workers worldwide, primarily those in China and Russia to generate revenue that contributes to its unlawful WMD and ballistic missile programmes, the statement said. "In some cases, DPRK (Democratic People’s Republic of Korea) IT workers can each earn more than $300,000 per year. These workers deliberately obfuscate their identities, locations, and nationalities, typically using fake personas, proxy accounts, stolen identities, and falsified or forged documentation to apply for jobs at these companies," it added. Three N.Korean entities previously sanctioned by South Korea The department also said that three entities - the 110th Research Center, Pyongyang University of Automation, and Technical Reconnaissance Bureau - were previously sanctioned by South Korea for engaging in cyber operations and illicit revenue generation that support North Korea's WMD programs. Technical Reconnaissance Bureau currently leads North Korea's offensive cyber efforts and oversees staff affiliated with the infamous Lazarus hacking group. Lazarus had been accused of carrying out some of the largest virtual currency heists to date. "On March 23, 2022, the Lazarus Group carried out the largest virtual currency heist to date, stealing about $620 million in virtual currency from a blockchain project linked to the online game Axie Infinity," the department also said on Tuesday. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US, South Korea announce new North Korea sanctions on IT workers

<p>A horrific new 'zombie' drug that has devastated cities throughout the United States has been discovered in the United Kingdom and has claimed the life of a British factory&nbsp;worker.</p>

<p>Karl Warburton, 43, died in May from the effects of xylazine coupled with other narcotics&nbsp;such as heroin, fentanyl, and cocaine, reported Daily Mail.</p>

<p>The West Midlands man died of acute aspiration pneumonitis, a disease commonly caused by breathing pollutants.&nbsp;However, xylazine was recorded as a contributing factor in&nbsp;Warburton's death certificate.&nbsp;</p>

<p>The technically&nbsp;legal animal tranquilizer "tranq" is frequently used to cut cocaine, heroin, or fentanyl dependence. As it grows in popularity in the illegal drug market, contributing to an increasing number of overdose deaths, states in the United States are increasingly attempting to restrict access to it.</p>

<p>The substance enforcement administration and health authorities have issued cautions against using the substance. While the problem is most visible in Los Angeles, Canadian officials have also warned that tranq is making its way onto their&nbsp;streets.</p>

<p><strong>Here's everything you need to know about tranq, including why it's referred to as a flesh-eating zombie medicine and how the United States is&nbsp;trying to regulate it.</strong></p>

<h2><strong>What is Xylazine?</strong></h2>

<p>Xylazine is a veterinary medication that is licenced for use as a sedative in large&nbsp;animals. Rompun and Anased are two of its brand names. It is sometimes referred to as a "horse tranquilizer."</p>

<p>It needs a veterinarian licence to buy and use, but it is rapidly appearing in Canada's illicit drug supply, frequently without the user's awareness. Other medicines are cut with xylazine since it is an inexpensive filler that can improve opioid potency.</p>

<h2><strong>What effect does tranq have on people?</strong></h2>

<p>In humans, xylazine has sedative properties. It alleviates pain, lowers brain activity, and has the potential to lower blood pressure, heart rate, and breathing rate.</p>

<p>People who use xylazine may develop open sores anywhere on their body. These wounds can result in hospitalisation, necrosis (rotting tissue), and even amputation, which is why it is referred to as a zombie drug.</p>

<p>The drug's wounds look to be "eating away your flesh from the inside out," according to nurses who spoke to Stat News.</p>

<p><strong>ALSO WATCH |&nbsp;Gravitas: What is the 'Zombie drug'?</strong></p>

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<p>Overdoes are also more likely with drugs like fentanyl that have been cut with xylazine. According to Health Canada, xylazine can cause central nervous system depression, respiratory depression, bradycardia, and hypotension in humans, which are comparable to opioid withdrawal symptoms.</p>

<p>“When combined with opioids like fentanyl, as is frequently the case, xylazine enhances the life-threatening effect of respiratory depression (slowing or stopping breathing) caused by opioids, increasing the risk of overdose and death,” according to&nbsp;Los Angeles public health officials, as reported by the National Post.</p>

<p><strong>ALSO READ |</strong>&nbsp;<a href="https://www.wionews.com/world/fentanyl-blend-with-xylazine-the-vet-medicine-causes-havoc-in-us-hot-drug-zones-551423">Fentanyl blend with xylazine, the vet medicine, causes havoc in US hot drug zones</a></p>

<p>Unlike fentanyl, no medication or antidote is available to reverse xylazine overdose, like naloxone does for opioids. Experts still recommend that naxolone be administered in the event of a xylazine overdose if opioids are present.</p>

<p>“Tranq is basically zombifying people’s bodies,” 28-year-old Sam told Sky News. “Until nine months ago, I never had wounds. Now, there are holes in my legs and feet.”</p>

<p>The New York City Department of Health said that 2,668 individuals in New York died in 2021 as a result of xylazine overdoses, and experts worry that the medication might exacerbate the country's current drug pandemic.</p>

<h2><strong>How are US&nbsp;states responding?</strong></h2>

<p>Many states in the United States have implemented different measures to limit the spread of the substance.&nbsp;</p>

<p>Pennsylvania has added xylazine to its list of banned substances in an effort to strengthen drug restrictions and empower police to prosecute individuals who break them.</p>

<p>“We are giving greater tools to law enforcement and others to properly regulate, control and contain these drugs, make arrests and hopefully prosecutions,” Democratic Gov. Josh Shapiro said at a news conference in Philadelphia.</p>

<p>Ohio's Republican governor signed an executive order banning xylazine through the state's Board of Pharmacy in March, while West Virginia's Republican governor signed legislation making it a restricted substance.</p>

<p>The designations in Pennsylvania, Ohio, and West Virginia enable veterinarians to continue using the medicine to sedate animals, but they impose stricter requirements on how the drug must be handled, recorded, and kept.</p>

<p>“Xylazine is making the deadliest drug threat our country has ever faced, fentanyl, even deadlier,” said Anne Milgram, DEA Administrator, who spoke to the National host.&nbsp;</p>

<p>“DEA has seized xylazine and fentanyl mixtures in 48 of 50 States. The DEA Laboratory System is reporting that in 2022 approximately 23 per cent of fentanyl powder and seven per cent of fentanyl pills seized by the DEA contained xylazine,” she added.&nbsp;</p>

<h2><strong>Does naloxone work on xylazine overdoses?&nbsp;</strong></h2>

<p>Xylazine does not react to naloxone, but that doesn't imply the opioid-reversing medicine can't be useful if a bystander witnesses an overdose, according to specialists, because xylazine is used in combination with opioids that will react to naloxone. While xylazine has been found in fatal overdoses, it is unknown how much the sedative had a role in the person's death because it is taken in combination with heavier opioids.&nbsp;</p>

<p>Claire Zagorski, a chemist, paramedic and translational scientist in Austin, Texas who spoke to CBS News said&nbsp;that administering naloxone to someone who is not experiencing an opioid overdose would not harm them, hence it is preferable for a bystander to do so if feasible.&nbsp;<br />
&nbsp;</p>

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A horrific new 'zombie' drug that has devastated cities throughout the United States has been discovered in the United Kingdom and has claimed the life of a British factory worker.

A horrific new 'zombie' drug that has devastated cities throughout the United States has been discovered in the United Kingdom and has claimed the life of a British factory worker. Karl Warburton, 43, died in May from the effects of xylazine coupled with other narcotics such as heroin, fentanyl, and cocaine, reported Daily Mail. The West Midlands man died of acute aspiration pneumonitis, a disease commonly caused by breathing pollutants. However, xylazine was recorded as a contributing factor in Warburton's death certificate. The technically legal animal tranquilizer "tranq" is frequently used to cut cocaine, heroin, or fentanyl dependence. As it grows in popularity in the illegal drug market, contributing to an increasing number of overdose deaths, states in the United States are increasingly attempting to restrict access to it. The substance enforcement administration and health authorities have issued cautions against using the substance. While the problem is most visible in Los Angeles, Canadian officials have also warned that tranq is making its way onto their streets. Here's everything you need to know about tranq, including why it's referred to as a flesh-eating zombie medicine and how the United States is trying to regulate it. What is Xylazine? Xylazine is a veterinary medication that is licenced for use as a sedative in large animals. Rompun and Anased are two of its brand names. It is sometimes referred to as a "horse tranquilizer." It needs a veterinarian licence to buy and use, but it is rapidly appearing in Canada's illicit drug supply, frequently without the user's awareness. Other medicines are cut with xylazine since it is an inexpensive filler that can improve opioid potency. What effect does tranq have on people? In humans, xylazine has sedative properties. It alleviates pain, lowers brain activity, and has the potential to lower blood pressure, heart rate, and breathing rate. People who use xylazine may develop open sores anywhere on their body. These wounds can result in hospitalisation, necrosis (rotting tissue), and even amputation, which is why it is referred to as a zombie drug. The drug's wounds look to be "eating away your flesh from the inside out," according to nurses who spoke to Stat News. ALSO WATCH | Gravitas: What is the 'Zombie drug'? Overdoes are also more likely with drugs like fentanyl that have been cut with xylazine. According to Health Canada, xylazine can cause central nervous system depression, respiratory depression, bradycardia, and hypotension in humans, which are comparable to opioid withdrawal symptoms. “When combined with opioids like fentanyl, as is frequently the case, xylazine enhances the life-threatening effect of respiratory depression (slowing or stopping breathing) caused by opioids, increasing the risk of overdose and death,” according to Los Angeles public health officials, as reported by the National Post. ALSO READ | Fentanyl blend with xylazine, the vet medicine, causes havoc in US hot drug zones Unlike fentanyl, no medication or antidote is available to reverse xylazine overdose, like naloxone does for opioids. Experts still recommend that naxolone be administered in the event of a xylazine overdose if opioids are present. “Tranq is basically zombifying people’s bodies,” 28-year-old Sam told Sky News. “Until nine months ago, I never had wounds. Now, there are holes in my legs and feet.” The New York City Department of Health said that 2,668 individuals in New York died in 2021 as a result of xylazine overdoses, and experts worry that the medication might exacerbate the country's current drug pandemic. How are US states responding? Many states in the United States have implemented different measures to limit the spread of the substance. Pennsylvania has added xylazine to its list of banned substances in an effort to strengthen drug restrictions and empower police to prosecute individuals who break them. “We are giving greater tools to law enforcement and others to properly regulate, control and contain these drugs, make arrests and hopefully prosecutions,” Democratic Gov. Josh Shapiro said at a news conference in Philadelphia. Ohio's Republican governor signed an executive order banning xylazine through the state's Board of Pharmacy in March, while West Virginia's Republican governor signed legislation making it a restricted substance. The designations in Pennsylvania, Ohio, and West Virginia enable veterinarians to continue using the medicine to sedate animals, but they impose stricter requirements on how the drug must be handled, recorded, and kept. “Xylazine is making the deadliest drug threat our country has ever faced, fentanyl, even deadlier,” said Anne Milgram, DEA Administrator, who spoke to the National host. “DEA has seized xylazine and fentanyl mixtures in 48 of 50 States. The DEA Laboratory System is reporting that in 2022 approximately 23 per cent of fentanyl powder and seven per cent of fentanyl pills seized by the DEA contained xylazine,” she added. Does naloxone work on xylazine overdoses? Xylazine does not react to naloxone, but that doesn't imply the opioid-reversing medicine can't be useful if a bystander witnesses an overdose, according to specialists, because xylazine is used in combination with opioids that will react to naloxone. While xylazine has been found in fatal overdoses, it is unknown how much the sedative had a role in the person's death because it is taken in combination with heavier opioids. Claire Zagorski, a chemist, paramedic and translational scientist in Austin, Texas who spoke to CBS News said that administering naloxone to someone who is not experiencing an opioid overdose would not harm them, hence it is preferable for a bystander to do so if feasible. WATCH WION LIVE HERE:

Explained: What is Xylazine? Flesh-eating ‘zombie’ medicine fuelling overdose deaths across US

<p>The United States Secret Service has&nbsp;arrested a 19-year-old they believe might have “intentionally” crashed a U-Haul truck into a security barrier at a park across from the White House&nbsp;on Monday night (May 22). No injuries were reported following the incident.&nbsp;</p>

<h2><strong>What we know about the incident</strong></h2>

<p>According to the Secret Service spokesperson Anthony Guglielmi, the incident occurred at around 10:00 pm (local time). The suspect was later identified as Sai Varshith Kandula from Chesterfield,&nbsp;a city in St. Louis County in the US state of Missouri, by the US Park Police, on Tuesday morning. He is of Indian origin.</p>

<p>"There were no injuries to any Secret Service or White House personnel and the cause and manner of the crash remain under investigation," said&nbsp;Guglielmi.&nbsp;</p>

<p>The U-Haul truck’s driver crashed into a security barrier near the north side of Lafayette Square, said the Secret Service spokesperson. Images from the scene showed multiple police personnel, both from the Secret Service and the Metropolitan Police Department. The officials also searched the truck after the crash.&nbsp;</p>

<p>A Reuters witness said investigators found a Nazi flag which supposedly came from inside the truck. Media reports citing footage from WUSA-TV reported that police officers retrieved several items from the truck, including the flag, which were placed in evidence bags.&nbsp;</p>

<p>The footage also showed a box-type, U-Haul truck stopping alongside the steel barricades with multiple officers and a dog approaching the vehicle following the crash, reported Reuters.&nbsp;<br />
<br />
A witness to the crash, Chris Zaboji, told Reuters, who also posted a clip of the incident, that the truck drove into the barricades. He also told the news agency that after crashing once, the driver hit the barriers a second time. &nbsp;</p>

<p>“I was walking home from my run on the mall and went through the barricade maybe 20 seconds before they hit the first time. After they rammed it the second time I decided it was time to get the hell out of there,” said Zaboji, on Twitter after posting the clip.&nbsp;</p>

<h2>Charges against the suspect</h2>

<p>As per the preliminary investigation, the driver “may have intentionally struck the security barriers at Lafayette Square,” said Guglielmi.&nbsp;</p>

<p>Earlier, Guglielmi had also said that the US Park Police would file charges with investigative support from the Secret Service. According to Park Police, the suspect has been arrested on multiple charges – threatening to kill, kidnap or inflict harm on a president, vice president or member of their family; assault with a dangerous weapon; reckless driving; destruction of federal property; and trespassing.&nbsp;</p>

<p>It was not immediately clear where US President Joe Biden was at the time of the incident, but he had met with the Speaker of the US House of Representatives Kevin McCarthy at the White House earlier in the day to discuss the matter of the US debt ceiling.&nbsp;<br />
<br />
The suspect was also interviewed by the&nbsp;Secret Service&nbsp;on Monday night, said a&nbsp;representative, adding that the ongoing probe is being coordinated by the FBI, Secret Service, and US Capitol Police.&nbsp;<br />
<br />
An official also told&nbsp;NBC News that the suspect made threatening statements about the White House and was quickly detained following the crash. As per media reports, a nearby hotel was also evacuated after the incident.&nbsp;<br />
<br />
<em>(With inputs from agencies)&nbsp;</em><br />
&nbsp;</p>

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The United States Secret Service has arrested a 19-year-old they believe might have “intentionally” crashed a U-Haul truck into a security barrier at a park across from the White House on Monday night (May 22).

The United States Secret Service has arrested a 19-year-old they believe might have “intentionally” crashed a U-Haul truck into a security barrier at a park across from the White House on Monday night (May 22). No injuries were reported following the incident. What we know about the incident According to the Secret Service spokesperson Anthony Guglielmi, the incident occurred at around 10:00 pm (local time). The suspect was later identified as Sai Varshith Kandula from Chesterfield, a city in St. Louis County in the US state of Missouri, by the US Park Police, on Tuesday morning. He is of Indian origin. "There were no injuries to any Secret Service or White House personnel and the cause and manner of the crash remain under investigation," said Guglielmi. The U-Haul truck’s driver crashed into a security barrier near the north side of Lafayette Square, said the Secret Service spokesperson. Images from the scene showed multiple police personnel, both from the Secret Service and the Metropolitan Police Department. The officials also searched the truck after the crash. A Reuters witness said investigators found a Nazi flag which supposedly came from inside the truck. Media reports citing footage from WUSA-TV reported that police officers retrieved several items from the truck, including the flag, which were placed in evidence bags. The footage also showed a box-type, U-Haul truck stopping alongside the steel barricades with multiple officers and a dog approaching the vehicle following the crash, reported Reuters. A witness to the crash, Chris Zaboji, told Reuters, who also posted a clip of the incident, that the truck drove into the barricades. He also told the news agency that after crashing once, the driver hit the barriers a second time. “I was walking home from my run on the mall and went through the barricade maybe 20 seconds before they hit the first time. After they rammed it the second time I decided it was time to get the hell out of there,” said Zaboji, on Twitter after posting the clip. Charges against the suspect As per the preliminary investigation, the driver “may have intentionally struck the security barriers at Lafayette Square,” said Guglielmi. Earlier, Guglielmi had also said that the US Park Police would file charges with investigative support from the Secret Service. According to Park Police, the suspect has been arrested on multiple charges – threatening to kill, kidnap or inflict harm on a president, vice president or member of their family; assault with a dangerous weapon; reckless driving; destruction of federal property; and trespassing. It was not immediately clear where US President Joe Biden was at the time of the incident, but he had met with the Speaker of the US House of Representatives Kevin McCarthy at the White House earlier in the day to discuss the matter of the US debt ceiling. The suspect was also interviewed by the Secret Service on Monday night, said a representative, adding that the ongoing probe is being coordinated by the FBI, Secret Service, and US Capitol Police. An official also told NBC News that the suspect made threatening statements about the White House and was quickly detained following the crash. As per media reports, a nearby hotel was also evacuated after the incident. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Indian-origin teen crashes into White House barriers, 'wanted to kill' Biden

Here we bring you a quick round-up of all the latest news and top headlines from all across the globe: US journalist detained in Russia for espionage, Russia intercepts US jets over Baltic Sea, NATO Chief defends NATO training Ukraine pilots on F-16 fighter jets, Russia reports Ukrainian attackers near Belgorod.

US journalist detained in Russia for espionage | Russia intercepts US jets | WION Speed News

<p>The United States is the largest economy in the world. The US Dollar is an unofficial global currency sought after by almost everyone. These two facts are enough to convince anyone of the pre-eminent position the country enjoys in all things money. Of course, things are more complicated than blanket statements, but in all discussions on the topic, the US invariably has a central&nbsp;position.</p>

<p>So it follows that if the US economy just sneezes, the entire world gets a fever, and currently, the US is tottering on debt default due to the debt ceiling crisis.</p>

<h2><strong>What is debt default?</strong></h2>

<p>In simple words, debt default is the inability of a borrower to pay back the debt. Such a default may not cause massive problems if it is just a private individual defaulting. But if a country defaults on its debts, there is sure to be a&nbsp;ripple effect in the world. And if that country is the USA, then all bets are off on the future of the world economy or even its stability and existence.</p>

<p><strong>Watch | US Treasury Secretary warns country running out of cash</strong></p>

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<h2><strong>What is debt ceiling?</strong></h2>

<p>The US has been running a fiscal deficit since 2001. This means that the income of the US government is less than its expenditure.</p>

<p>To meet its expenses and commitments (like debt repayment), the US has to borrow money. Now there is a limit up to which the US government can borrow. This is called a debt ceiling.</p>

<p>US Congress has the power to approve funds and budgets for the US government. The Congress approves the debt ceiling. If the government borrowings reach this limit, Congress takes a decision on raising the debt ceiling in accordance with the situation before the country.</p>

<h2>What will happen if the debt ceiling is not increased?</h2>

<p>The US will default on its debt if the debt ceiling is not raised. This means that it will not have money to pay off its loans.</p>

<h2><strong>So what?</strong></h2>

<p>This is not a situation where you are just delaying payments to a friend. In case the US defaults on its debts, it will mean that the richest, most powerful nation with all the might in the world is making an apologetic face and saying 'I can't pay off the loan, brother'.</p>

<p>Since the world economy more or&nbsp;less revolves around the US, it is considered to be the safest economy to invest in. Nations and entities are more than eager to lend to the US as there is a near-100 per cent guarantee that the debt will be repaid in full with interest. US debt default would shatter this image.</p>

<h2><strong>What happens if debt ceiling is breached or US defaults on debt?</strong></h2>

<p>Disaster! The US economy would be very badly hit. Moody's Analytics has estimated that if the US breaches the debt limit for just a week,&nbsp;1.5 million people will lose their jobs.</p>

<p>And if debt default stretches well into the summer, US economic growth will sink, and 7.8 million jobs will vanish into thin air. Borrowing rates would rise quickly. A stock market nosedive would mean that USD 10 trillion in household wealth would be erased.</p>

<p>And if the US economy goes down, those heavily invested in it (almost the entire world) will feel the heat in a manner most catastrophic.</p>

<h2><strong>So by when the debt ceiling needs to be raised to avoid all this?</strong></h2>

<p>In January, US Treasury Secretary Janet Yellen had said that government could pay its bill only through early June without increasing the limit.</p>

<p>June is not too far away.&nbsp;</p>

<h2><strong>So raise the debt ceiling!&nbsp;What's the holdup?</strong></h2>

<p>The decision lies with the US Congress. And usual elements of a political fight between the Democratic Party and the Republican Party are on show here. The Biden administration and the Republicans are currently at an impasse. Proposals from one side are unacceptable to the other.</p>

<p>In the month of April this year, Republicans in the House of Representatives passed a bill that will see the debt ceiling raised by USD 1.5 trillion or till March 31, 2014, whichever comes first. The House of Representatives is controlled by the Republicans.</p>

<p>However, Republicans have also set several conditions which are so far unacceptable to Biden and Democrats.</p>

<p>Republicans are arguing that the measures they've suggested are important for the health of the US economy. But the Democrats are saying that Republicans are cutting welfare measures.</p>

<p>According to Yahoo Finance, "These measures, Republicans say, would impose fiscal discipline on Washington that has been lacking in recent years. Meanwhile, critics say the plan would disproportionately place the responsibility for lowering the deficit on social programmes while skirting major cuts to politically popular programs like the Pentagon and veteran services that McCarthy has said will largely be spared."</p>

<p>On Sunday, Biden said that Republicans must budge from their 'extreme positions' and that agreement on these terms is not possible.</p>

<p>"It’s time for Republicans to accept that there is no bipartisan deal to be made solely&nbsp;on their partisan terms. Now it’s time for the other side to move from their extreme position," he said.</p>

<p>Whatever happens, raising the debt ceiling is the safest way to prevent the catastrophic ripple effect. The world looks on as US Congress debates.</p>

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The United States is the largest economy in the world. The US Dollar is an unofficial global currency sought after by almost everyone. These two facts are enough to convince anyone of the pre-eminent position the country enjoys in all things money.

The United States is the largest economy in the world. The US Dollar is an unofficial global currency sought after by almost everyone. These two facts are enough to convince anyone of the pre-eminent position the country enjoys in all things money. Of course, things are more complicated than blanket statements, but in all discussions on the topic, the US invariably has a central position. So it follows that if the US economy just sneezes, the entire world gets a fever, and currently, the US is tottering on debt default due to the debt ceiling crisis. What is debt default? In simple words, debt default is the inability of a borrower to pay back the debt. Such a default may not cause massive problems if it is just a private individual defaulting. But if a country defaults on its debts, there is sure to be a ripple effect in the world. And if that country is the USA, then all bets are off on the future of the world economy or even its stability and existence. Watch | US Treasury Secretary warns country running out of cash × What is debt ceiling? The US has been running a fiscal deficit since 2001. This means that the income of the US government is less than its expenditure. To meet its expenses and commitments (like debt repayment), the US has to borrow money. Now there is a limit up to which the US government can borrow. This is called a debt ceiling. US Congress has the power to approve funds and budgets for the US government. The Congress approves the debt ceiling. If the government borrowings reach this limit, Congress takes a decision on raising the debt ceiling in accordance with the situation before the country. What will happen if the debt ceiling is not increased? The US will default on its debt if the debt ceiling is not raised. This means that it will not have money to pay off its loans. So what? This is not a situation where you are just delaying payments to a friend. In case the US defaults on its debts, it will mean that the richest, most powerful nation with all the might in the world is making an apologetic face and saying 'I can't pay off the loan, brother'. Since the world economy more or less revolves around the US, it is considered to be the safest economy to invest in. Nations and entities are more than eager to lend to the US as there is a near-100 per cent guarantee that the debt will be repaid in full with interest. US debt default would shatter this image. What happens if debt ceiling is breached or US defaults on debt? Disaster! The US economy would be very badly hit. Moody's Analytics has estimated that if the US breaches the debt limit for just a week, 1.5 million people will lose their jobs. And if debt default stretches well into the summer, US economic growth will sink, and 7.8 million jobs will vanish into thin air. Borrowing rates would rise quickly. A stock market nosedive would mean that USD 10 trillion in household wealth would be erased. And if the US economy goes down, those heavily invested in it (almost the entire world) will feel the heat in a manner most catastrophic. So by when the debt ceiling needs to be raised to avoid all this? In January, US Treasury Secretary Janet Yellen had said that government could pay its bill only through early June without increasing the limit. June is not too far away. So raise the debt ceiling! What's the holdup? The decision lies with the US Congress. And usual elements of a political fight between the Democratic Party and the Republican Party are on show here. The Biden administration and the Republicans are currently at an impasse. Proposals from one side are unacceptable to the other. In the month of April this year, Republicans in the House of Representatives passed a bill that will see the debt ceiling raised by USD 1.5 trillion or till March 31, 2014, whichever comes first. The House of Representatives is controlled by the Republicans. However, Republicans have also set several conditions which are so far unacceptable to Biden and Democrats. Republicans are arguing that the measures they've suggested are important for the health of the US economy. But the Democrats are saying that Republicans are cutting welfare measures. According to Yahoo Finance, "These measures, Republicans say, would impose fiscal discipline on Washington that has been lacking in recent years. Meanwhile, critics say the plan would disproportionately place the responsibility for lowering the deficit on social programmes while skirting major cuts to politically popular programs like the Pentagon and veteran services that McCarthy has said will largely be spared." On Sunday, Biden said that Republicans must budge from their 'extreme positions' and that agreement on these terms is not possible. "It’s time for Republicans to accept that there is no bipartisan deal to be made solely on their partisan terms. Now it’s time for the other side to move from their extreme position," he said. Whatever happens, raising the debt ceiling is the safest way to prevent the catastrophic ripple effect. The world looks on as US Congress debates. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Explained | US is 'running out of cash'. What is the debt ceiling crisis?

<p>Russia has extended&nbsp;Wall Street Journal reporter Evan Gershkovich’s detention who was arrested back in March on espionage charges, reported the Russian state media. Meanwhile, Washington reiterated its call for Gershkovich’s release following the announcement, on Tuesday (May 23).&nbsp;</p>

<h2><strong>Detention extended</strong></h2>

<p>Russian state media reported that the US journalist, who was initially supposed to be in pre-trial detention until May 29, will now remain in custody&nbsp;for three more months, till August 30. Gershkovich has been accused of collecting state secrets about the Russian industrial-military&nbsp;complex and who Moscow claims to have caught “red-handed”.&nbsp;</p>

<p>According to CNN, Gershkovich’s parents were also present at the Lefortovo court in Moscow for the recent hearing. A Russian court last month denied bail to the American journalist who faces up to 20 years in prison after he appeared in a court in Moscow to appeal a decision to keep him in pre-trial detention.&nbsp;</p>

<h2><strong>US responds to the extension</strong></h2>

<p>The US has reiterated its calls for Gershkovich’s release. “He shouldn’t be detained at all. Journalism is not a crime,” said the White House national security spokesman John Kirby, in an interview with CNN. He added, “He needs to be released immediately.”&nbsp;</p>

<p>Kirby also said&nbsp;that Washington will continue to “work very, very hard to see if we can get him home with his family where he belongs.” He also indicated that the US officials are pushing for consular access to Gershkovich directly with the Russians, saying that “there are no grounds for denying consular access.”&nbsp;</p>

<h2><strong>Gershkovich denied bail</strong></h2>

<p>The US citizen, who was arrested&nbsp;on March 29&nbsp;by the Russian FSB security service in the Urals city of Yekaterinburg&nbsp;on espionage charges, had appealed a decision to keep him in pre-trial detention in a former KGB prison until the end of May. &nbsp;</p>

<p>The US also previously said that Gershkovich has been “wrongfully detained” and that the spy charges against him are bogus.&nbsp; President Joe Biden has called his imprisonment “totally illegal”.&nbsp;<br />
<br />
Notably, the WSJ reporter is the first foreign journalist arrested on spying allegations since the collapse of the Soviet Union. As per reports, Gershkovich is currently being held at the Lefortovo prison along with others accused of treason and espionage in Moscow which in Soviet times was run by the KGB but is now operated by the Federal Penitentiary Service.<br />
<br />
<em>(With inputs from agencies)&nbsp;</em><br />
<br />
&nbsp;</p>

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<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>


Russia has extended Wall Street Journal reporter Evan Gershkovich’s detention who was arrested back in March on espionage charges, reported the Russian state media.

Russia has extended Wall Street Journal reporter Evan Gershkovich’s detention who was arrested back in March on espionage charges, reported the Russian state media. Meanwhile, Washington reiterated its call for Gershkovich’s release following the announcement, on Tuesday (May 23). Detention extended Russian state media reported that the US journalist, who was initially supposed to be in pre-trial detention until May 29, will now remain in custody for three more months, till August 30. Gershkovich has been accused of collecting state secrets about the Russian industrial-military complex and who Moscow claims to have caught “red-handed”. According to CNN, Gershkovich’s parents were also present at the Lefortovo court in Moscow for the recent hearing. A Russian court last month denied bail to the American journalist who faces up to 20 years in prison after he appeared in a court in Moscow to appeal a decision to keep him in pre-trial detention. US responds to the extension The US has reiterated its calls for Gershkovich’s release. “He shouldn’t be detained at all. Journalism is not a crime,” said the White House national security spokesman John Kirby, in an interview with CNN. He added, “He needs to be released immediately.” Kirby also said that Washington will continue to “work very, very hard to see if we can get him home with his family where he belongs.” He also indicated that the US officials are pushing for consular access to Gershkovich directly with the Russians, saying that “there are no grounds for denying consular access.” Gershkovich denied bail The US citizen, who was arrested on March 29 by the Russian FSB security service in the Urals city of Yekaterinburg on espionage charges, had appealed a decision to keep him in pre-trial detention in a former KGB prison until the end of May. The US also previously said that Gershkovich has been “wrongfully detained” and that the spy charges against him are bogus. President Joe Biden has called his imprisonment “totally illegal”. Notably, the WSJ reporter is the first foreign journalist arrested on spying allegations since the collapse of the Soviet Union. As per reports, Gershkovich is currently being held at the Lefortovo prison along with others accused of treason and espionage in Moscow which in Soviet times was run by the KGB but is now operated by the Federal Penitentiary Service. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Russia extends WSJ journalist Evan Gershkovich’s detention, US calls for immediate release

Could Artificial Intelligence start a war? AI caused dangerous tremors last night with a fake photo of a blast near the Pentagon. Molly Gambhir tells you what happened next.

Gravitas | Pentagon blast: Could artificial intelligence start a war?

Micron predicts a hit to revenues from China's decision to ban the sale of its products to critical Chinese businesses. Where the US chipmaker got nearly 11% of its revenue from mainland China in its last fiscal year reports suggest that this is a fallout from the latest Sino-American trade dispute. Shares of Micron dropped as much as five percent that's the highest in over seven weeks and falls by 30% this year.

Micron predicts revenue hit from China's ban

US President Joe Biden held talks with House Speaker McCarthy on Monday to talk about a looming debt in the country. The high-stakes White House meeting came after Biden returned from a trip to Asia.

US Treasury Secretary warns country running out of cash; Biden, McCarthy hold talks on debt ceiling

US President Biden meets McCarthy for debt ceiling talks, say 'talks productive, no deal yet'

Seven states along the Colorado river in the US have now reached a “historic consensus” to use less water from the drought-stricken river and reduce their water usage temporarily.

Western US states reach deal on colorado river conservation

The relations between the United States of America and China have reached its lowest in decades meanwhile China has grown to become the world's second biggest economic power house. The question is how will countries who depend on China respond to the worsening Sino-America relations?

Will worsening US relations with Beijing affect EU-China trade?

The Reserve Bank Of India (RBI) stated that India’s growth momentum was intact in the march quarter. The inflation outcome is also set to be better than the forecast. This comes as the RBI pushes for stronger governance and risk management

Indian economy stable amidst US banking chaos

After the US shot down a suspected Chinese spy balloon this year, US Vice President Joe Biden stated on Sunday that Washington and Beijing's relations could "very shortly" warm up. Following his discussions with Chinese President Xi Jinping at the G20 conference on the Indonesian island of Bali in November, Biden said that ties had deteriorated in the months since.

US President Joe Biden sees shift in US-China relationship

China's Cyberspace Administration said that Micron's products pose significant network security risks, citing concerns for China's critical information infrastructure supply chain and national security. As a result, operators of key infrastructure will be barred from purchasing Micron's products. This decision comes amidst the ongoing dispute over chip technology between the United States and China, adding fuel to the already simmering tensions.

Micron fails China's security check

The US debt limit talks are ongoing with no progress made so far, increasing market uncertainty. Speaker of the house Kevin McCarthy and President Joe Biden engaged in discussions but disagreements persist. The possibility of a default is looming, with treasury secretary Janet Yellen stating that the chances of paying all bills by mid-June are low. However, investors remain hopeful, as a bank of America survey revealed that 71% of investors believe a solution will be reached.

No progress in US debt limit talks

US has allowed its Western allies to supply F-16 fighter jets to Ukraine. Does Ukraine really need these jets? Does it have the expertise to operate them? Molly Gambhir reports.

Gravitas: Russia fumes as US approves F-16 sale to Ukraine

China's Cyberspace Administration (CAC) has made an announcement that it conducted a network security review on Micron Technology a US-based memory chip maker and found that Micron's products failed to meet the required standards. As a result the CAC stated that the operators of key infrastructure would be prohibited from buying from the company now.

US-based Micron products are under fire in China over security concerns

US President Joe Biden has returned to the US after concluding the G7 Summit in Japan’s Hiroshima and the focus is back on the most pressing domestic challenge of the debt ceiling crisis. Biden is soon expected to hold in-person talks with speaker of the house Kevin McCarthy. The two are to discuss the impending debt ceiling issue faced by the United States, which is on the verge of defaulting, in case it fails to clear all debts by June 1.

US is only two weeks away from defaulting

US President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss the debt ceiling on Monday (May 22), after a "productive" phone call as the president headed back to Washington. The nation could default on its bills as early as June 1.

Biden and McCarthy to meet as debt ceiling talks resume

Will Biden, McCarthy reach an agreement over US debt crisis?

Will US-China diplomatic crisis end?

Papua New Guinea has entered in a new security cooperation agreement with the United States. US Secretary of State Anthony Blinken was in the island nation to sign the agreement which would expand the Pacific island nation's capabilities and make it easier for the US military to train with its forces Washington along with its allies is trying to keep Pacific Islands from forming security ties with China whose presence in the Pacific has been a rising concern leaders of the Pacifica Islands.

US, Papua New Guinea signs security pact as China's influence grows

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