Cumulatively, citizens of the US, now owe a new record setting $1.17 trillion on their credit cards, according to a recent report on household debt from the Federal Reserve Bank of New York, as explained in a report by CNBC.

US credit card debt hits record $1.17 trillion: New York Fed research

A financial storm is brewing in the united states as the nation's total public debt shatters records, reaching $34 trillion. With congress returning to address looming deadlines, the fiscal battleground is set. The once incremental climb in debt now raises urgent questions about the nation's financial future.U.S. Government debt skyrockets; clock ticks for congress

US government debt skyrockets; clock ticks for congress | World DNA

The US debt burden has further increased in the July-September quarter this year. As per a new report, US household debt rose by 78 billion dollars between July and September. The study by Wallethub finds the average amount of total debt owed by US households at over 145 thousand dollars.

Household debt rises by $78 bn in July-September quarter | World Business News

It seems there won't be any respite from the rising debt level for the United States. The US treasury department has said that that the federal government's deficit has nearly tripled since October 2022.

No relief from huge debts for the US, federal deficit rises 170% | World DNA

Amid the mounting U.S. debt, the cost of servicing debt has seen a 25 percent surge in the the ongoing fiscal year (October to June), reaching a staggering $652 billion.

$652 billion & counting: Soaring US debt costs reach 11-year high

After weeks of wrangling US Congress has finally avoided a historic default as US President Joe Biden signed the debt ceiling bill into law. In his first address to the nation from the Oval Office, he said that no one got everything they wanted, but the American people got what they needed. The bill suspends the massive 31.4 trillion dollars debt ceiling.

Default crisis averted by compromise bill | US News

Just days before the United States was set to default on its debt for the first time, the US Congress approved a deal to lift the nation's borrowing limit. The bill, which is well on its way to becoming law, will spare the US from a catastrophic default on its $31.

US narrowly avoids its first-ever default as Congress approves debt-ceiling suspension

The US House of Representatives won a critical battle as a bill to suspend a massive 31.4 trillion dollar debt ceiling has passed the Republican-controlled House of Representatives. The deeply divided house voted 314-117 to clear the bill late last night. The bill has been temporarily suspended and has temporarily suspended the debt ceiling until January 2025.

US House passes debt limit bill as McCarthy and Biden break the deadlock

The US debt ceiling crisis deal passed its first major hurdle in Congress on Wednesday. The agreement has survived a crucial procedural vote to set parameters for the decisive one on Thursday.

US Congress to vote on debt deal on Thursday; 13-member committee approves voting guidelines

Republican and Democratic leaders scrambled to secure congressional support for a bill aimed at avoiding a catastrophic US debt default, with just one week left before the government starts running out of money.

Republicans  and Democrats race against time for US debt crisis bill in Congress

Race against time for US debt crisis bill in Congress

With the US debt default deadline precariously close, President Joe Biden said his administration was close to achieving a breakthrough. For the first time in many weeks, Biden seemed upbeat about the prospect of getting the deal done and raising the debt ceiling.

'It's very close...': Biden sounds optimistic on breakthrough in debt ceiling talks

The USA is edging closer to defaulting on its debt. Unless the debt ceiling is raised by June 5, the country will fall into an economic crisis that may have a far-reaching impact with global spillovers expected, affecting the likes of India, an emerging economy.

US is nearing its debt default deadline. What is its impact on Indian economy?

The American economy is at a tipping point. US debt has now reached a level equal to the annual output of it's economy. The government has till June fifth- a week, to reach a bipartisan deal that will ensure the nation does not default on it's debt payment. While the deal remains to be inked, leaders from either side of the aisle have now reassured the American people that an agreement has been reached 'in principle'.

US President Biden & House Speaker McCarthy agree to debt crisis deal 'in principle'

Moody's said that the mid-June interest payment on treasuries will be crucial for the United States to preserve its highest investment grade rating at AAA. This comes as the debt deal negotiations show no clear progress and the time draws closer.

US debt: A race against time | World DNA

Kevin McCarthy has said that he is sending Republican negotiators to the White House to finish the debt limit talks while affirming that “we are not going to default.

McCarthy sending negotiators to White House over debt crisis, but warns two sides ‘still far apart’

US Treasury Secretary Janet Yellen said it’s now ‘highly likely’ that her department will run out of sufficient cash in early June, and repeated her warning that the moment could come as soon as June 1. Here's all you need to know about the US debt crisis.

Will US run out of cash after June 1? Here's what you need to know

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

The White House said on Tuesday (May 23) that it is not considering any constitutional solution to the current debt impasse as currently, President Joe Biden is not planning to invoke the 14th Amendment to prevent a US debt default.

White House: Biden not planning to invoke 14th Amendment to prevent debt default

The discussions between United States President Joe Biden and House Speaker Kevin McCarthy ended on Monday (May 22), with no agreement on how to raise the government's $31.

US debt crisis: McCarthy says debt talks 'productive' but no agreement

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 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

Pentagon overvalued US equipment that it has sent to Ukraine, according to a source-based report by news agency Reuters - the accounting error was around $3 billion. The major accounting error comes at a time when the US is in the middle of an unprecedented debt crisis.

US makes accountability error of $3 billion, military aid to Ukraine overvalued: Report | World DNA

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us debt-crisis

US credit card debt hits record $1.17 trillion: New York Fed research

US government debt skyrockets; clock ticks for congress | World DNA

Household debt rises by $78 bn in July-September quarter | World Business News

No relief from huge debts for the US, federal deficit rises 170% | World DNA

$652 billion & counting: Soaring US debt costs reach 11-year high

Default crisis averted by compromise bill | US News

Default crisis averted by compromise bill | US News

US narrowly avoids its first-ever default as Congress approves debt-ceiling suspension

US House passes debt limit bill as McCarthy and Biden break the deadlock

US Congress to vote on debt deal on Thursday; 13-member committee approves voting guidelines

Republicans and Democrats race against time for US debt crisis bill in Congress

Race against time for US debt crisis bill in Congress

'It's very close...': Biden sounds optimistic on breakthrough in debt ceiling talks

US is nearing its debt default deadline. What is its impact on Indian economy?

US President Biden & House Speaker McCarthy agree to debt crisis deal 'in principle'

US debt: A race against time | World DNA

McCarthy sending negotiators to White House over debt crisis, but warns two sides ‘still far apart’

Will US run out of cash after June 1? Here's what you need to know

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

White House: Biden not planning to invoke 14th Amendment to prevent debt default

US debt crisis: McCarthy says debt talks 'productive' but no agreement

No progress in US debt limit talks

US is only two weeks away from defaulting

US makes accountability error of $3 billion, military aid to Ukraine overvalued: Report | World DNA