United States politicians are deadlocked in negotiations to raise the country’s debt ceiling. If they don’t agree on something, it’s going to be horrible for the world economy.
JPMorgan chief executive Jamie Dimon, in an article in the Sydney Morning Herald, summed the whole situation up pretty well with one quote:
“It would ripple through the global economy in a way you couldn’t possibly understand […] We need global growth … We are on the verge of getting it. Please let’s not shoot ourselves in the foot.”
Partisan disagreements have so far prevented Democrats and Republicans from coming to an agreement on the $US16.7 trillion debt ceiling, and some of the word’s top bankers are warning there will be massive consequences if the word’s largest economy was to default on its debt.
There’s more here.