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By Staff Reporters
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The U.S. Financial Markets will be closed today, Monday January 16th 2023, for Martin Luther King, Jr. Day.
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This federal holiday was first observed in 1986. In 1994, Congress passed the King Holiday and Service Act, designating the Martin Luther King Jr. Federal Holiday as a national day of service and charged the Corporation for National and Community Service with leading this effort.
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House Oversight Committee Chairman James Comer just said he hoped a U.S. debt default could be avoided. A default would greatly impact the economy and people in the U.S: A default would increase interest rates, which would then increase prices and contribute to inflation. The stock market would also suffer, as U.S. investments would not be seen as safe as they once were, especially if the U.S. credit rating was downgraded. Fortunately, the U.S. has never reached the point of default where the Treasury was incapable of paying U.S. debt obligations, though it has been close on several occasions. The only exception was during the War of 1812 when parts of Washington D.C. including the Treasury were burned.
CITE: https://www.r2library.com/Resource/Title/0826102549
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Filed under: Alerts Sign-Up, Ethics, Investing, LifeStyle | Tagged: default, federal holiday, inflation, James Comer, markets, Martin Luther King, MLK, MLK Day, MLK Day of Service, US Debt, US debt Default, US default |
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