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.
Posts tagged as “Biden White House”
A U-Haul truck crashed into security barriers near the White House on Monday night, with no injuries reported. The Secret Service is investigating the incident, which may have been intentional, and the driver has been detained. Preliminary investigation reveals that the driver may have intentionally crashed the truck into the barriers.
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."
Key takeaways: President Joe Biden and House Speaker Kevin McCarthy are meeting at the White House to discuss a path forward to avert a debt…
President Joe Biden has called on House Republicans to compromise and end their standoff over the debt ceiling, warning of catastrophic consequences if it is not raised. Treasury Secretary Janet Yellen has warned that June 1 is a "hard deadline" for Congress to raise the debt ceiling, and that the US could default on its debt if it is not raised. Biden has also placed renewed emphasis on the possibility of citing the 14th Amendment to sidestep the debt ceiling, as negotiations with Republicans continue.
House Speaker Kevin McCarthy and President Joe Biden are meeting on Monday to discuss how to avoid a catastrophic debt default as the June 1 deadline looms. The two sides have been at odds over the debt ceiling, with the Biden administration pushing for a higher limit and Republicans pushing for spending cuts. A potential agreement between the two sides could avert a default and its catastrophic economic consequences.
Ukrainian President Volodymyr Zelenskyy held two major rounds of meetings with his biggest backers at the G7 summit in Hiroshima to build momentum for Ukraine's war effort. Biden and congressional Republicans remain far apart on budget talks, with the looming debt crisis in Ukraine adding to the urgency of the situation. The summit was seen as a chance for the leaders to discuss a range of issues, with the conflict in Ukraine a major focus of the discussions.
Negotiations between the White House and Republican lawmakers over a debt ceiling deal have hit a snag, as the lead Republicans walked out of the talks on Friday. According to a White House official, there are real differences between the parties on budget issues, and talks will be difficult. Rep. Garrett Graves (R-La.) stated that Republicans need to “press pause” until people are willing to have reasonable conversations. The White House is still working towards a bipartisan solution, but it is unclear what will happen next.