- America encounters a burgeoning $31.5 Trillion debt surpassing the statutory debt ceiling.
- U.S. Treasury department reported to take mandatory measures in addressing this escalation.
China blames America for crippling other nations with their debt. With a burgeoning $31.5 Trillion debt surpassing the statutory debt ceiling, the United States faces accusations. Being the center of focus, the country has always played a major role in the global economy.
China on the other side, initiated the criticism after the U.S. Secretary Treasury Janet Louise Yellen stated
“I know the Chinese have been a barrier to concluding the negotiations,”
Janet Louise Yellen
when she met Liu He, Vice Premier of the People’s Republic of China.
With the recent sanctions from the U.S. in late 2022 already piled up against Chinese interests in the Russo-Ukraine and Semiconductors sectors. The U.S. statement provokes the Chinese embassy at Zambia to slam back stating
“Assuming Secretary Yellen’s statements about debt were correct, the best prospect of the debt issues outside the US would be the US Treasury Department solving the US’ own domestic debt problem, given how well she knows about facts, her professional capacities and her team’s implementation ability,”
Chinese Embassy, Zambia.
On the bright side, the U.S. Treasury department reported to take mandatory measures in addressing this escalation:
““Debt issuance suspension period” would begin on January 19th, 2023 and lasts until June 5,2023”
Also adding “The period of time that extraordinary measures may last is subject to considerable uncertainty…”.
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