Pentagon has overvalued the US equipment sent to Ukraine. The source-based report by Reuters said that the accounting error was about 3 billion USD. The major accounting error comes at a time is in the middle of an unprecedent debt crisis.

US makes accounting error of $3 billion as equipment sent to Ukraine overvalued

Here, we bring you the news that is trending across WION's social media platforms - Ten ASEAN nations are on the verge of de-dollarisation agreeing to promote their own native currencies.

De-Dollarisation: 10 ASEAN countries agree to ditch the US Dollar

US lawmakers come to a deadlock on US debt limit talks, they are yet to resolve the crisis. President Joe Biden and Republican leaders offer hopes of a deal while Democrats pitch for a clean increase, with no strings attached.

US debt crisis: Joe Biden and Republican leaders offer hopes of a deal

US&nbsp;President Joe Biden and top congressional Republican Kevin McCarthy will meet&nbsp;on Tuesday to make progress on a deal to raise the US government's $31.4 trillion debt ceiling. The meeting will be aimed at averting what the experts have cautioned as an&nbsp;economically catastrophic default that may become a reality amid the ongoing debt ceiling deadlock.

Meanwhile, the US Treasury Department on Monday reiterated its warning that it could run short of money to pay all its bills as soon as June 1. This, the department added, would trigger a default which is&nbsp;likely to spark a sharp economic downturn.

ASLO READ |&nbsp;<a href="https://www.wionews.com/world/us-pres-biden-house-speaker-mccarthy-meeting-on-debt-ceiling-ends-with-no-movement-talks-to-continue-590804">US Pres Biden, House Speaker McCarthy meeting on debt ceiling fails to break deadlock, threat of default looms</a>

House of Representatives Speaker McCarthy on Tuesday told reporters that his party, which controls the chamber by a 222-213 margin, would only agree to a deal that cuts spending.

"We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters.

Both Republican and Democratic parties have agreed on the need for urgent action on debt ceiling.

ALSO WATCH |&nbsp;Biden, McCarthy debt ceiling meeting postponed, spending cuts on table

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/biden-mccarthy-debt-ceiling-meeting-postponed-spending-cuts-on-table-591541/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The White House meeting, which will include Biden, McCarthy, Democratic Senate Majority Leader Chuck Schumer, top Senate Republican Mitch McConnell and top House Democrat Hakeem Jeffries, is scheduled to begin on Tuesday late afternoon.

'Time is running out'

In the past week, staffs for both sides have discussed a range of issues, including spending caps, new work requirements for some benefit programs for low-income Americans.&nbsp;

"Time is running out. Every single day that Congress does not act, we are experiencing increased economic costs that could slow down the US economy," Treasury Secretary Janet Yellen told a group of bankers. "There is no time to waste."

Earlier in 2011, a&nbsp;similar 2011 standoff led to a historic downgrade of the United States' credit rating. That downgrade sparked a selloff in stocks and pushed the government's borrowing costs higher.

ALSO WATCH |&nbsp;Biden, McCarthy debt ceiling meeting postponed, spending cuts on table

The current standoff has rattled investors, sending the cost of insuring exposure to US government debt to record highs. A Reuters/Ipsos poll completed on Monday found that three-quarters of Americans fear that a default would take a heavy toll on families like theirs.

"Nobody should use default as a hostage," Schumer said in a Senate speech on Tuesday. "The consequences would be devastating for America."

Meanwhile, McCarthy is keen to hold&nbsp;one-on-one talks with Biden.

"If the president comes to an agreement, the Democrats in the Senate will vote for it. The House will pass it, if we are all in agreement," McCarthy said. "Why do we waste more time going around and around, not solving any of the real problems? I think you’re putting the country in jeopardy when you do that."

Adding to the challenge of striking a deal, McCarthy agreed when he became speaker early this year to a change in House rules that allows for just one member to call for his ouster as leader of the chamber, which gives greater power to hardliners, including the roughly three dozen members of the House Freedom Caucus.

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

US President Joe Biden and top congressional Republican Kevin McCarthy will meet on Tuesday to make progress on a deal to raise the US government's $31.4 trillion debt ceiling.

US President Joe Biden and top congressional Republican Kevin McCarthy will meet on Tuesday to make progress on a deal to raise the US government's $31.4 trillion debt ceiling. The meeting will be aimed at averting what the experts have cautioned as an economically catastrophic default that may become a reality amid the ongoing debt ceiling deadlock. Meanwhile, the US Treasury Department on Monday reiterated its warning that it could run short of money to pay all its bills as soon as June 1. This, the department added, would trigger a default which is likely to spark a sharp economic downturn. ASLO READ | US Pres Biden, House Speaker McCarthy meeting on debt ceiling fails to break deadlock, threat of default looms House of Representatives Speaker McCarthy on Tuesday told reporters that his party, which controls the chamber by a 222-213 margin, would only agree to a deal that cuts spending. "We can raise the debt ceiling if we limit what we're going to spend in the future," McCarthy told reporters. Both Republican and Democratic parties have agreed on the need for urgent action on debt ceiling. ALSO WATCH | Biden, McCarthy debt ceiling meeting postponed, spending cuts on table × The White House meeting, which will include Biden, McCarthy, Democratic Senate Majority Leader Chuck Schumer, top Senate Republican Mitch McConnell and top House Democrat Hakeem Jeffries, is scheduled to begin on Tuesday late afternoon. 'Time is running out' In the past week, staffs for both sides have discussed a range of issues, including spending caps, new work requirements for some benefit programs for low-income Americans. "Time is running out. Every single day that Congress does not act, we are experiencing increased economic costs that could slow down the US economy," Treasury Secretary Janet Yellen told a group of bankers. "There is no time to waste." Earlier in 2011, a similar 2011 standoff led to a historic downgrade of the United States' credit rating. That downgrade sparked a selloff in stocks and pushed the government's borrowing costs higher. ALSO WATCH | Biden, McCarthy debt ceiling meeting postponed, spending cuts on table The current standoff has rattled investors, sending the cost of insuring exposure to US government debt to record highs. A Reuters/Ipsos poll completed on Monday found that three-quarters of Americans fear that a default would take a heavy toll on families like theirs. "Nobody should use default as a hostage," Schumer said in a Senate speech on Tuesday. "The consequences would be devastating for America." Meanwhile, McCarthy is keen to hold one-on-one talks with Biden. "If the president comes to an agreement, the Democrats in the Senate will vote for it. The House will pass it, if we are all in agreement," McCarthy said. "Why do we waste more time going around and around, not solving any of the real problems? I think you’re putting the country in jeopardy when you do that." Adding to the challenge of striking a deal, McCarthy agreed when he became speaker early this year to a change in House rules that allows for just one member to call for his ouster as leader of the chamber, which gives greater power to hardliners, including the roughly three dozen members of the House Freedom Caucus. (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.

‘Time is running out’ as Joe Biden, McCarthy meet in bid to resolve US debt ceiling deadlock

U.S. stocks slouched to a higher close on Monday, and benchmark Treasury yields rose amid flickering optimism that Washington will get past partisan wrangling and reach a debt ceiling deal.

US debt crisis: First-ever US debt default on cards? | World DNA

As US lawmakers come to a deadlock on US debt limit talks, they are yet to resolve the crisis. The US Deputy Treasury Secretary is the latest to appeal for a solution to the ongoing standoff. On the other hand, President Joe Biden and Republican leader Kevin McCarthy will meet again on Tuesday with hopes riding high for their meeting.

US debt crisis: US may run out of cash by June 1 | Biden cancels post G7 Asia tour

Will the United States default on its debt? -- that's the question spooking the Group of 7 (G7) nations at the moment. A potential default could trigger unprecedented consequences for the world economy, which is worrying the grouping.&nbsp;

Last week, G7 finance leaders met for three days in Japan amid the looming spectre of a debt default by the US.

While there was no mention of the US debt ceiling stalemate in the G7 joint statement, reports added that the ongoing crisis in the US was prominent during discussions.

The standoff has already hit global markets, as borrowing costs have risen on aggressive monetary tightening by the US and European central banks.

However, Treasury Secretary Janet Yellen remained hopeful of a solution before the 'X-day' -- the day the US is likely to start defaulting.

The G7 nations seemed to be prepared for the worst and its joint statement did&nbsp;indicate that. "We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook," the communique read.&nbsp;

Meanwhile, talks on the debt limit continued over the weekend. The deadlock&nbsp;continued over the Republican demand for cuts in welfare spending as a pre-condition to hike the debt limit. &nbsp;However, President Joe Biden and Democrats want a deal with no cuts in spending.&nbsp;

"We’ve not reached the crunch point yet but there’s real discussion about some changes we all could make," Bloomberg quoted Biden as saying.&nbsp; 
&nbsp; 
If a deal is not reached soon, the US may start defaulting by as early as June 1.

On May 10, 2023, the US Treasury Department just had $88 billion of extraordinary measures to pay for government’s bills. A week ago, this figure stood at round $110 billion.&nbsp;

This means that just over a quarter of the $333 billion dollars of authorised measures are available to the Treasury department before the US defaults, media reports said.

(With agency inputs)

Will the United States default on its debt? -- that's the question spooking the Group of 7 (G7) nations at the moment. A potential default could trigger unprecedented consequences for the world economy, which is worrying the grouping.

Will the United States default on its debt? -- that's the question spooking the Group of 7 (G7) nations at the moment. A potential default could trigger unprecedented consequences for the world economy, which is worrying the grouping. Last week, G7 finance leaders met for three days in Japan amid the looming spectre of a debt default by the US. While there was no mention of the US debt ceiling stalemate in the G7 joint statement, reports added that the ongoing crisis in the US was prominent during discussions. The standoff has already hit global markets, as borrowing costs have risen on aggressive monetary tightening by the US and European central banks. However, Treasury Secretary Janet Yellen remained hopeful of a solution before the 'X-day' -- the day the US is likely to start defaulting. The G7 nations seemed to be prepared for the worst and its joint statement did indicate that. "We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook," the communique read. Meanwhile, talks on the debt limit continued over the weekend. The deadlock continued over the Republican demand for cuts in welfare spending as a pre-condition to hike the debt limit. However, President Joe Biden and Democrats want a deal with no cuts in spending. "We’ve not reached the crunch point yet but there’s real discussion about some changes we all could make," Bloomberg quoted Biden as saying. If a deal is not reached soon, the US may start defaulting by as early as June 1. On May 10, 2023, the US Treasury Department just had $88 billion of extraordinary measures to pay for government’s bills. A week ago, this figure stood at round $110 billion. This means that just over a quarter of the $333 billion dollars of authorised measures are available to the Treasury department before the US defaults, media reports said. (With agency inputs)

US debt limit crisis spooks other G7 member nations

The debt limit timebomb is ticking for the Biden administration. The question looming now is: Will President Joe Biden & Republican lawmakers be able to break the deadlock? They are scheduled to meet on Tuesday, led by Speaker Kevin McCarthy.

Will the US debt limit crisis end soon?

A fight between Republicans and Democrats over the debt limit ceiling could send the US economy into a recession even if the standoff doesn't actually trigger a debt default, analysts say.

Analysts: US debt limit standoff could lead to recession

us-debt-crisis

Us Debt Crisis, News on Us Debt Crisis, stories on Us Debt Crisis, articles on Us Debt Crisis, Us Debt Crisis stories at Wion, Us Debt Crisis news, Us Debt Crisis latest news

us debt-crisis