Press Release: Urgent Call for U.S. Debt Ceiling Action; Aramco Reports Profit Decline
U.S. Treasury Secretary Scott Bessent has issued a warning regarding the country’s impending financial crisis, signaling that without congressional action to suspend or increase the debt limit, the U.S. could run out of money as early as August. In a letter to House Speaker Mike Johnson, Bessent emphasized the dire consequences of failing to raise the debt ceiling, which could destabilize the financial system and weaken America’s security and international standing. Previous negotiations have shown that delaying action can have detrimental effects on financial markets and businesses.
Meanwhile, Saudi Arabia’s state-owned oil titan, Aramco, has reported a 4.6% decline in first-quarter profits, amounting to $26 billion. This drop is attributed to declining global oil prices, which pose a risk to the kingdom’s ambitious development strategies. Aramco’s quarterly revenues reached $108.1 billion, a decrease from $107.2 billion and $27.2 billion in profits from the same period last year. Amid these challenges, former President Trump plans to visit Riyadh to discuss increasing Saudi investments in the U.S. from $600 billion to potentially $1 trillion during his administration.
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