Rite Aid, a debt-laden U.S. pharmacy chain, has filed for bankruptcy protection and plans to close underperforming stores, sell its pharmacy benefit subsidiary Elixir, and address lawsuits related to the sale of addictive opioid medications.

he debt ceiling battle of 2023 ended with a relatively normal budget deal reached between President Joe Biden and House Speaker Kevin McCarthy, despite the heated rhetoric and talk of default.

The number of bankruptcies among U.S. companies has been rising, reaching levels higher than any year since 2010.

The Republicans, led by McCarthy, are insisting on spending cuts in exchange for raising the debt limit, arguing that the current national debt is unsustainable.

The escalating debt crisis in the United States is raising concerns about an impending recession that could have far-reaching consequences, not only for the US but for the global economy as a whole.

A recent poll conducted by AP-NORC revealed that approximately two-thirds of Americans expressed growing concerns over the potential impact on the economy if the US debt limit is not raised.

The US is facing a looming debt limit deadline, and both President Biden and House Speaker McCarthy are unwilling to give ground ahead of talks scheduled yesterday.

Treasury Secretary Janet Yellen has warned that there are "no good options" for the US to avoid an economic "calamity" if Congress fails to raise the nation's borrowing limit of $31.381tn in the coming weeks.

Spiraling towards levels only seen during the 2008 financial crisis, US household debt has increased by $320 billion in the last 3 months of 2022.