The United States has the world’s largest national debt at $31.4 trillion.

Exporters are nervously watching a key vote in the US Congress that will determine whether the world's biggest economy defaults on its debts. Jonathan Milne reports.

The State is scrambling to raise resources to ensure uninterrupted implementation of the spree of welfare and developmental programmes such as Rythu Bandhu (farmers’ investment support scheme) and Dalit Bandhu (one-time grant of 10 lakh each to Dalit families) as funds are hard to come by.

HONG KONG: Asian markets sank on Wednesday on worries that hardline Republicans could vote down a crucial bill to hike the US borrowing limit and risk a catastrophic default that could hammer an already fragile global economy.

The vote comes as the US hurtles towards a June 5 deadline to raise the government borrowing limit or face default.

Speaker Kevin McCarthy faced opposition in his own party to a deal hammered out with the White House to avoid default.