Tuesday November 24, 2020

US could run out of money in early August

American president Barack Obama is desperate for Congress approval to increase what the government is allowed to borrow - but time is running out, writes Niall Stanage, in Washington

16th July, 2011
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US president Barack Obama and the congressional leaders of America’s major political parties are working flat-out this weekend to avert disaster, spurred on by growing concern that an unprecedented US default on its debts is a real possibility.

Federal Reserve chairman Ben Bernanke warned politicians on Capitol Hill last week of the rising chance of a ‘‘huge financial calamity’’.

A t a later appearance, he added that a US...

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