The US is running out of money: what happens next?

World Review from the New Statesman

Republicans in the US House of Representatives passed legislation last week that would increase the US debt ceiling only in exchange for significant spending cuts, and the repeal of some of Joe Biden’s key legislative achievements. The president has said he will not negotiate on raising the US’s borrowing limit, but there could be severe consequences if the two parties fail to reach a deal.

Megan Gibson in London, Katie Stallard in Washington DC and Ido Vock in Berlin discuss the global impact a prolonged stalemate could have, and the motivations of both sides.

Next, they talk about video footage released by Russia that purports to show a drone attack on the Kremlin, analysing who might be behind such an attack and what their motivations might be.

Read more:

Ido Vock on Putin’s “forever War”

Lawrence Freedman asks what leaked Pentagon documents reveal about where the war in Ukraine is headed

Adam Tooze on where Biden has gone wrong

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