Treasury Secretary Janet Yellen has warned that the U.S. government will run out of money to pay its bills if Congress does not raise or suspend the debt limit by June 5, known as the “X-date”. Negotiations between Democrats and Republicans in Congress are ongoing, but if a deal is not reached by the X-date, the government will be unable to pay its bills and will be forced to default on its debt.
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A class-action lawsuit has been filed against several celebrities, including Shaquille O'Neal, Tom Brady, and Gisele Bundchen, for their involvement with the now-defunct cryptocurrency exchange FTX. The complaint alleges that the celebrities defrauded investors by appearing in advertisements for the platform, and the lawsuit is seeking damages for investors who lost money in the collapse. O'Neal was served papers during the broadcast of a Miami Heat-Boston Celtics playoff game, and the other celebrities have yet to be served.
The U.S. Treasury Department has warned that the government could run out of money to meet all its obligations as soon as June 1 due to House Republicans' efforts. Secretary Janet Yellen says the workarounds to keep the government paying its bills will be exhausted in the coming week, and the Bipartisan Policy Center warns that Social Security recipients, seniors and people with disabilities will likely be the first groups affected. Congress must act quickly to avoid a potential financial crisis and ensure the government can meet its obligations.
House Republicans passed a bill on the debt limit and spending cuts on Wednesday, but talks with the Biden administration are still ongoing and there are many areas of disagreement. The White House has proposed a plan to raise the debt limit and suspend it until the end of July, as well as a $1.7 trillion infrastructure package, both of which have been rejected by the GOP. The deadline for raising the debt limit is August 2nd, and if no agreement is reached, the US could default on its debt for the first time in history.
Alex Murdaugh, a convicted murderer and former personal injury lawyer, has been indicted on 22 financial fraud-related charges in South Carolina, including conspiracy to commit wire and mail fraud and fraud against the estate of his late housekeeper. If convicted, Murdaugh could face up to 20 years in prison for each count of fraud, and the case is currently under investigation.
House Republicans and the White House are in negotiations to raise the debt ceiling, but remain far apart in their discussions. House Speaker Kevin McCarthy is optimistic that a deal can be reached before the June 1 deadline, when Treasury Secretary Janet Yellen has said the nation will run out of money to pay its bills. Negotiators Steve Ricchetti, Shalanda Young and Louisa Terrell met with McCarthy Tuesday morning to resume talks, but Republican Rep. Garret Graves said the two sides are still far apart.
Treasury Secretary Janet Yellen has issued a warning to Congress to raise the debt limit by June 1 or risk defaulting on the government's debt. House Speaker Kevin McCarthy and President Joe Biden are negotiating a path to avoid default, but it is unclear if an agreement will be reached in time. Yellen's warning serves as a reminder of the urgency of the situation, and Congress must take action to ensure the government is able to meet its obligations.
Treasury Secretary Janet Yellen warned that the U.S. is likely to run out of money to pay its bills as early as June 1 if Congress does not raise or suspend the debt limit. Yellen set the June 1 deadline for the U.S. to extend the borrowing limit and warned that a first-ever default on the country's debt would have disastrous economic implications. She said that a default would have "catastrophic economic consequences that would last for decades."