31 billionaires are worth more than the US Treasury has in cash

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Confident Joe Biden says the debt ceiling deal will pass the details include lifting the borrowing limit until after the 2024 election and rolling back some IRS funding and unspent COVID money, it takes the threat of catastrophic fall off the table protects our hard earned historic economic recovery. Republican House leader Kevin mccarthy says it's *** step in the right direction. America believes that we have spent too much so this spends less. But the deal comes with criticism from both sides. Some conservatives say it will add trillions of dollars of debt with minimal spending restrictions. While some Democrats worry about *** detail that limits access to some government aid like food stamps by expanding work requirements. We've seen reams of data that show that when you put these work requirements in, they're really just administrative red tape that prevent the people who need help from getting help. But the deal had to get done and some say it's *** win for all Americans for American people. They're going to be like, I don't understand half of the things that are going on in this, in this debate. However, I do know if we default the stock market is going to go down, things are going to get more difficult from my pocketbook. I'm going to see my investments plummet lawmakers in the house and the Senate have *** few days to look over the details before it goes to *** vote. Democratic and Republican leadership seem confident it will go through so Biden can sign the bill and put an end to the debt ceiling crisis. Madara CBC News, Washington.

31 billionaires are worth more than the US Treasury has in cash

Cash levels at the U.S. Treasury are tumbling toward a dangerously low level as Washington waits until the last minute to raise the debt ceiling.Video above: Biden, McCarthy reach tentative U.S. debt ceiling dealAs of the close of business on May 25, Treasury had just $38.8 billion in cash, according to the latest federal data. That’s down from more than $200 billion earlier this month and nearing the bare minimum level of $30 billion.For context, 31 billionaires are each worth more than the federal government’s $38.8 billion in cash, according to the Bloomberg Billionaires Index.Some of them, like fashion mogul Bernard Arnault – are worth a lot more. Arnault, the chairman of luxury goods maker LVMH, has a net worth estimated at $193 billion. Tesla billionaire Elon Musk is worth $185 billion and Amazon founder Jeff Bezos has a net worth of $144 billion.The list of 31 billionaires worth more than Uncle Sam’s cash total includes household names like Michael Dell, legendary investor Warren Buffett and Facebook co-founder Mark Zuckerberg, as well as billionaires with lower profiles such as French billionaire Francois Pinault and Chanel chairman Alain Wertheimer.President Joe Biden and House Speaker Kevin McCarthy have reached a bipartisan deal to suspend the debt ceiling through Jan. 1, 2025.If Congress doesn’t raise the debt ceiling by June 5, Treasury Secretary Janet Yellen warns the government will not have enough funds to pay all of the nation’s obligations in full and on time.

Cash levels at the U.S. Treasury are tumbling toward a dangerously low level as Washington waits until the last minute to raise the debt ceiling.

Video above: Biden, McCarthy reach tentative U.S. debt ceiling deal

As of the close of business on May 25, Treasury had just $38.8 billion in cash, according to the latest federal data. That’s down from more than $200 billion earlier this month and nearing the bare minimum level of $30 billion.

For context, 31 billionaires are each worth more than the federal government’s $38.8 billion in cash, according to the Bloomberg Billionaires Index.

Some of them, like fashion mogul Bernard Arnault – are worth a lot more. Arnault, the chairman of luxury goods maker LVMH, has a net worth estimated at $193 billion. Tesla billionaire Elon Musk is worth $185 billion and Amazon founder Jeff Bezos has a net worth of $144 billion.

The list of 31 billionaires worth more than Uncle Sam’s cash total includes household names like Michael Dell, legendary investor Warren Buffett and Facebook co-founder Mark Zuckerberg, as well as billionaires with lower profiles such as French billionaire Francois Pinault and Chanel chairman Alain Wertheimer.

President Joe Biden and House Speaker Kevin McCarthy have reached a bipartisan deal to suspend the debt ceiling through Jan. 1, 2025.

If Congress doesn’t raise the debt ceiling by June 5, Treasury Secretary Janet Yellen warns the government will not have enough funds to pay all of the nation’s obligations in full and on time.

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