Raising the debt ceiling would show that the U.S. is not a 'deadbeat country,' Treasury Sec. Yellen said Monday.
was forcing the Treasury Department dangerously close to a worst-case scenario: a potential U.S. debt default. This would occur if Treasury were to exhaust the extraordinary measures it implemented earlier this year to meet its obligations after the U.S. reached its statutory debt limit of $31.4 trillion.
In order to avoid a default on the nation's debt, Congress must vote to either raise or suspend the debt limit before Treasury runs out of emergency funding. But with only eight days left this month during which both the House and the Senate are scheduled to be in session at the same time, time is running out to reach a deal.
"There's a very big gap between where the president is and where the Republicans are" on raising the debt ceiling, Yellen said. U.S. Treasury Secretary Janet Yellen takes questions on the Biden administration's plans following the collapse of three U.S. lenders including Silicon Valley Bank and Signature Bank, as she testifies before a Senate Finance Committee hearing on U.S. President Joe Biden's proposed budget request for fiscal year 2024, on Capitol Hill in Washington, March 16, 2023.
The White House says the meeting will not include negotiations on raising the debt limit, which Biden says Republicans must agree to raise without preconditions. So far, Republicans have refused to approve a debt ceiling hike unless it is accompanied by sweeping cuts to federal spending.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Treasury Secretary Yellen calls CEOs and business leaders with warning on debt limit | CNN BusinessUS Treasury Secretary Janet Yellen has been calling CEOs and business leaders to discuss the consequences of brinkmanship around the debt ceiling, according to a source familiar with the matter.
Consulte Mais informação »
Lawsuit filed against Treasury Secretary Janet Yellen challenging debt limit law as congressional standoff threatens defaultAttorneys representing a federal government employees' union sued Treasury Secretary Janet Yellen over the constitutionality of the debt limit, which caps the amount the federal government can borrow to pay for congressionally approved spending.
Consulte Mais informação »
Debt default could occur in early June, forecasters say, backing Yellen | CNN PoliticsTwo new analyses are backing Treasury Secretary Janet Yellen's forecast that the nation could default on its debt -- and unleash economic chaos -- as soon as early June if Congress doesn't act.
Consulte Mais informação »
Biden to square off with McCarthy at White House as debt limit crisis loomsTuesday's meeting comes just over a week after Treasury Secretary Janet Yellen warned that the U.S. could run out of money to pay its debts as soon as June 1.
Consulte Mais informação »
Republicans don’t believe the debt ceiling ‘x-date,’ eitherOur global economy may suffer severe consequences in part because lawmakers were given a deadline they chose — on a hunch — not to believe. (via MaddowBlog)
Consulte Mais informação »
Yellen: ‘No good options’ if Congress fails to act on debtGOP lawmakers, led by House Speaker Kevin McCarthy of California, are demanding spending cuts in return for raising the borrowing limit, while Biden has said the threat of default shouldn’t be used as leverage in budget talks.
Consulte Mais informação »