U.S. will never default on its debt, claims Trump’s Treasury Secretary

U.S. President Donald Trump's Treasury Secretary, Scott Bessent, has claimed that the U.S. will never default on its debts as he sought to downplay growing concerns over the state of the country's public finances.

Bessent told CBS News on Sunday that the U.S. was "on the warning track" but insisted it would not run out of cash despite approaching the so-called debt ceiling – the legal limit that the U.S. government is permitted to borrow.

Economists have warned that Donald Trump's "big, beautiful" spending bill will add trillions to the U.S.’s US$37 trillion federal deficit over the next decade.

The bill, which was approved by the U.S. House of Representatives last month, proposes raising the U.S. debt ceiling by 4 trillion dollars.

It promises increased spending on the U.S. military and a clampdown on illegal immigration alongside cuts to food aid, clean energy tax credits, and Medicare, the country's healthcare program for poorer households.

The U.S. was downgraded by the credit ratings agency Moody's in May, in part owing to concerns over Trump's policies and slowing economic growth across the Atlantic.

Reference Sources

1. telegraph - US will never default on its debt, claims Trump’s Treasury Secretary

Vietnam celebrates groundbreaking of US$300mil tech hub in Hanoi

(Source: Vietnam News Agency)

Vietnam's Prime Minister Pham Minh Chinh attended the groundbreaking ceremony for the Hanoi CMC creative space (CCS Hanoi), a US$300M technology complex led by private firm CMC Technology & Solution located on an 11,000 sq. m site in Hanoi.

The complex will feature 23 floors above ground and three basements, with a total floor space exceeding 90,000 square meters.

Following the success of CMC's first creative space in Ho Chi Minh City - CCS Tan Thuan, this second facility will serve as an open artificial intelligence (AI) center, dubbed C. OpenAI.

It aims to build a comprehensive tech ecosystem, including a state-of-the-art data center, research and development labs, training facilities, and a startup incubation zone, employing over 5,000 engineers. At the heart of the complex is the CMC data center, designed to deploy cutting-edge technologies in artificial intelligence, cloud computing, cybersecurity, big data, and next-generation networks.

The C. OpenAI Ecosystem will also integrate 25 core technologies developed by CMC.

Prime Minister Chinh praised the project as a testament to the private sector's role in advancing Vietnam's technological ambitions, aligning with the party's policy of making breakthroughs in sci-tech, innovation, and digital transformation.

Reference Sources

1. thestarmy - Vietnam celebrates groundbreaking of US$300mil tech hub in Hanoi

UK to expand submarine program in response to Strategic Defense Review

(Source: UK Government)

The UK government has announced plans to significantly expand its conventionally armed, nuclear-powered submarine fleet, with up to 12 new SSN-Aukus boats to be built.

The increase in submarines will transform the UK’s submarine-building industry and, following the £15 billion investment in the warhead program outlined, will deliver on this government’s plan for change, supporting 30,000 highly skilled jobs throughout the country well into the 2030s. With nuclear investments set to transform critical parts of the defense nuclear industry, these plans will work to deliver 30,000 apprenticeships and 14,000 graduate roles across the next ten years.

The announcement comes as the government unveils its new strategic defense review tomorrow.

Reference Sources

1. govuk - UK to expand submarine programme in response to Strategic Defence Review

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.

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