![]() ![]() Our elected officials will have just a few weeks to pass a series of spending bills or else force the federal government into shutdown. And another in 2023.Īnd while lawmakers just began their August recess, a bitter funding fight awaits them next month. The lesson didn’t take, at least not in Congress. Stocks plummeted, bond yields spiked and it took another six months for markets to recover. Within days, S&P downgraded US debt for the first time in history. Photographer: Andrew Harrer/Bloomberg via Getty Images Andrew Harrer/Bloomberg/Getty Imagesįitch downgrades mortgage giants Fannie and Freddie from AAA to AA+ Freddie and Fannie Mae will be allowed to boost their capital by billions of dollars to protect against potential losses, a key step in the Trump administration's push to free the mortgage giants from U.S. Signage stands outside the Freddie Mac headquarters in McLean, Virginia, U.S., on Tuesday, Oct. The ensuing crisis took America to the edge of default, and investors around the world watched. When you mess with that perfect record, you shake the foundations of the world economy.īut in 2011, congressional Republicans added debt-ceiling threats to their toolkit, demanding President Barack Obama negotiate over deficit reductions or watch the US default on its debt under his watch. That’s why the US dollar is the world’s reserve currency and the backbone of international trade. That’s because the entire global financial system hinges on the promise that the United States always pays its debts. Historically, raising the debt ceiling was not controversial - the “full faith and credit” of the United States wasn’t something either party wanted to trifle with. With about two days’ worth of funds to keep the lights on, Congress managed to pass a bill that suspended the nation’s $31.4 trillion debt limit through the end of next year. The US avoided defaulting on its debt this spring, but just barely. ![]() The message from Fitch this week, and S&P more than a decade earlier, is that the constant brinkmanship in DC is eroding trust. IELTS tips & advice from a band 8.Even though the US avoided a default on its debt this year, Fitch Ratings cited a 'steady deterioration in standards of governance' in dowgrading the nation's credit. Write your answers in the comments at the bottom of this page. What activities or hobbies are you going to take up? I want to quit my job and start my own business. New Year’s resolutions related to work and money = stop feeling sad about someone from the past. I’m going to get over my ex girlfriend (or ex boyfriend). I’d like to spend more time with my wife (or husband.) I’d like to find a girlfriend (or boyfriend). The new year is a good opportunity to make efforts to find love. “outgoing” is the opposite of “shy.”) New Year’s resolutions related to love An outgoing person is a very confident person who likes to talk with lots of people. (“ outgoing” is also an adjective to describe a person. He/she enjoys the company of other people and enjoys talking to other people and doing fun things with them.) (“ sociable” is an adjective to describe a person. Your “social life” is everything related to going out, having fun and making friends. New Year’s resolutions related to social life In English, there is a very good structure to describe starting a new activity or hobby. New Year’s resolutions to start new activities and hobbies This year, I’m going to start getting up early. New Year’s resolutions to start good habits Stopping procrastination is therefore a very popular New Year’s resolution. Procrastinating is a very bad habit because the consequence is that we never do what is important. If I say “I’ll do it tomorrow”, but then never do it, I am procrastinating. To procrastinate = to delay doing important things. New Year’s resolutions to stop bad habits People are of course free to choose their own resolutions. The objective of New Year’s resolutions is to improve our lives. We promise ourselves to make some important changes during the new year. New Year’s resolutions are promises that we make to ourselves at the start of a new year. The word “resolution” is a noun that means “promise.” We say that we are going to “make a fresh start.” The new year is an opportunity to make changes in our lives. ![]() A new year is the opportunity for a new beginning in our lives. The beginning of a new year is the time to make some New Year’s resolutions. ![]()
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