This week, Republican and Democrat lawmakers in the United States are likely to resume discussions with President Joe Biden to raise the country’s sovereign debt ceiling limit from the current $31.5 trillion.
June 1 is being seen as the date when the US will technically breach that ceiling, triggering a debt default by the world’s largest economy, unless the Biden administration comes up with a plan on budget priorities and on raising the debt limit.
While the probability of a default is still low, it cannot be discounted completely, and will impact all emerging economies, including debt, equity, and foreign exchange markets in India.
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