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G20 Nations Unite in Johannesburg as US Stays Away

World leaders gathered in Johannesburg for the first-ever G20 summit hosted in Africa , where they adopted a joint declaration despite a boycott by the United States. The move broke with tradition, as declarations are usually finalized at the end of such meetings. Instead, South African President Cyril Ramaphosa announced that consensus had been reached at the very start of the summit, calling it a victory for multilateral cooperation and a milestone for Africa’s role in global diplomacy. The declaration, drafted without U.S. input, reportedly addressed pressing global challenges such as climate change and economic inequality , issues that South Africa emphasized as central to poorer nations. Ramaphosa’s spokesperson stressed that the text “cannot be renegotiated,” highlighting months of preparation and intense final negotiations leading up to the summit. The boycott was ordered by President Donald Trump, who accused South Africa’s government of discrimination against white citizens...
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U.S. Treasury Secretary Warns of Approaching Debt Ceiling Crisis


Treasury Secretary Janet Yellen has issued a stark warning that the United States could hit its debt ceiling as early as mid-January. In a letter to congressional leaders, Yellen stated that her agency would need to begin taking "extraordinary measures" to prevent the nation from breaching the debt limit. These measures are special accounting maneuvers intended to keep the government operating without defaulting on its obligations.

Yellen emphasized the urgency of the situation, urging Congress to act swiftly to protect the full faith and credit of the United States. The debt ceiling, which had been suspended until January 1, 2025, is expected to be reinstated on January 2, 2025. However, due to a scheduled redemption of nonmarketable securities held by a federal trust fund associated with Medicare payments, the Treasury does not expect to need to take extraordinary measures until January 14 to January 23.

The federal debt currently stands at approximately $36 trillion, a figure that has grown significantly over the years under both Republican and Democratic administrations. The spike in inflation following the COVID-19 pandemic has further increased government borrowing costs, making the situation even more critical.

Yellen's warning comes after President Joe Biden signed a bill last week that averted a government shutdown but did not address the debt ceiling issue. The bill was passed only after intense debate among Republicans over how to handle President-elect Donald Trump's demand to raise or suspend the debt limit.

As the new year approaches, the nation's fiscal health hangs in the balance, with lawmakers facing a critical decision on how to address the impending debt ceiling crisis.




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