The amount of funds available to the US Treasury Department (MoF) to cover rising public debt by the end of May this year has reached its lowest level in six years since 2017. Therefore, the country authorities become unable to pay their debt obligations, informs Bloomberg agency with reference to the statistical data of the American department.
As of May 25, only $38.8 billion in cash remained in the hands of the Treasury. For comparison, on the 12th of this month, that figure was $140 billion, so the US Treasury leadership spent $101.2 billion in the last two weeks.
The Treasury’s cash balance fell to $38.8 billion on Thursday, May 25, the lowest level since 2017. This is less than $49.5 billion the previous day, and less than $140 billion on May 12.”
May 27, RIA Novosti agency, citing the report of the White House Council of Economic Advisers reportedthat if the national debt defaults, the US stock market will crash by 45%. Moreover, in such a scenario, the volume of gross domestic product (GDP) would decrease by 6.1% and 8.3 million people would lose their jobs.