WASHINGTON, Mar 12 Speaker of the House of Representatives of the US Congress Kevin McCarthy considers the draft budget of the country for fiscal year 2024, presented earlier by the White House, to be frivolous.
«First of all, the presidential budget is not serious for the current time we live in. High debt brings inflation. And what inflation does, you see in this bank (Silicon Valley Bank — ed.). Interest rates are rising, affecting bonds and other things,» he said in an interview with Fox News.
McCarthy added that now the US needs «real leadership.» «Don't play games with the debt ceiling. The president is not showing leadership in bringing the network to the table and solving this (public debt) problem sooner, which makes America weaker,» the speaker of the House added.
Earlier, the White House published a draft US budget for 2024, which assumes spending in the amount of 6.883 trillion dollars on income at the level of 5.036 trillion with another increase in the deficit. The budget deficit will amount to 1.846 trillion dollars against 1.569 trillion and 1.376 trillion in 2023 and 2022, respectively.
California regulators have shut down SVB, the biggest bank to fail in the US since the last financial crisis, according to the Federal Deposit Insurance Corporation (FDIC). The FDIC moved all insured deposits from SVB to a separate entity it created, Deposit Insurance National Bank of Santa Clara.