Biden: Economy in danger if debt ceiling not raised

During a White House speech on the government debt conflict, U. S. President Joe Biden warned the U.S. is at risk of exceeding the legal limit on its debt in two weeks and running out of cash.

A measure has been recently passed to temporarily suspend the debt limit and fund the government into early December.

The U. S. government is currently set to run out of its money reserves in the next two weeks. In order to avoid this, they will have to vote to increase the legal allowable amount of debt the U.S. government can hold.

There has been considerable political infighting blocking the final passage of such legislation, with several instances of an impasse being reached in regard to the government debt ceiling.

But this particular conflict has caused U.S. Treasury markets to finally react. The yield on U.S. Treasury bills maturing on 21 October climbed as much as 3.8 basis points Monday morning to 106%,with most bills maturing earlier and later yielding .05% or less.