We are committed to not having missed payments and raising the debt ceiling.
(May 24): Treasury Secretary Janet Yellen said signs of market stress are now beginning to emerge as the federal government moves closer to running out of cash, and the Biden administration’s focus is on completing a debt-limit deal rather than contingency planning for a default.
“We are committed to not having missed payments and raising the debt ceiling,” Yellen said Wednesday via video conference to an event in London. “We’re not involved in planning for what happens if there’s a default,” she added when asked whether the Treasury was engaged with major financial institutions in game-planning a default scenario.
The Treasury chief also reiterated that her department may run out of cash to pay the nation’s bills as soon as June 1.
“It’s highly likely that we would run out of resources to meet all the government’s obligations in early June and possibly as early as June 1,” she told a conference sponsored by the Wall Street Journal. “We no longer see very much likelihood that our resources will enable us to get to the middle or end of June.”
Debt-limit talks in Washington hit a fresh impasse with negotiators said to be far apart on key issues. Discussions are set to continue on Wednesday. Republican lawmakers have refused to raise the cap on US borrowing unless President Joe Biden agrees to spending cuts.
Source: TheEdge - 25 May 2023
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024