US ‘careening towards bankruptcy’ ahead of debt ceiling vote, warns DeSantis – live updates
Joe Biden’s deal to raise the US debt ceiling still faces challenges despite the President saying he “feels good” about the prospects for the plan to get through Congress before America runs out of money.
Florida Governor Ron DeSantis, a candidate for the Republican 2024 presidential nomination, aligned himself with hard-right members of his party who plan to vote against the proposals.
He told Fox News: “After this deal, our country will still be careening toward bankruptcy.”
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What happened overnight
Asian shares were mixed in directionless trading following a US holiday, as optimism about a deal on America’s debt was dented by worries about the regional economy.
Japan’s benchmark Nikkei 225 lost 0.4pc in morning trading to 31,119.27. Australia’s S&P/ASX 200 was little changed, inching up less than 0.1pc to 7,218.60. South Korea’s Kospi added 0.9pc to 2,581.89. Hong Kong’s Hang Seng dipped 0.5pc to 18,458.25, while the Shanghai Composite lost 0.6% to 3,202.41.
Analysts say investors remain concerned about the a possible “second wave” of Covid-19 cases in China, although the economic impact is expected to be more limited than from the earlier pandemic wave.
China’s recovery from virus-related disruptions during the past several years appears to be faltering, adding to worries over the regional economy.