Treasury Secretary Janet Yellen warned that if the White House is forced to cite the 14th Amendment to raise the debt ceiling, it could lead to a "constitutional crisis". This week marks a defining challenge for House Speaker Kevin McCarthy as he attempts to strike a deal with President Biden to avert an unprecedented debt default. Yellen urged Congress to act quickly and responsibly to raise the debt ceiling and avoid a potential global economic crisis.
Posts tagged as “Debate Clause of the United States Constitution”
The California Reparations Task Force has concluded their two-year effort by approving a list of proposals to be considered by state lawmakers, which include providing financial assistance to Black Californians, creating a center to study the economic and social effects of slavery, and establishing a memorial to honor the victims of slavery and discrimination. The task force also recommended that the state create a commission to study the effects of slavery and discrimination, and to make recommendations on how to address them. If passed, the proposals would be the first of their kind in the United States.
Treasury Secretary Janet Yellen warned of an economic "calamity" if Congress does not raise the nation's borrowing limit, adding urgency to a meeting between President Joe Biden and congressional leaders. Yellen said a default could cause a "severe" economic downturn with a "ripple effect" felt around the world, and that the government would have to choose between paying Social Security benefits, military salaries, or interest on the debt.
On Saturday, a gunman opened fire at the Allen Premium Outlets in Dallas, Texas, killing eight people and wounding seven before being killed by a police officer. Hundreds of terrified shoppers fled the scene, and H&M released a statement saying that all of their employees were safe and counseling would be available. Police are still investigating the incident, and more information is expected to be released in the coming days.
The Bidens attended the coronation and a special reception for heads of state, where they met with Kate Middleton. Mrs. Biden described the experience as “really surreal” and the couple’s union as a historic moment in British history, as Charles III is the first reigning monarch to marry a commoner.
The US is facing an unprecedented default as it reaches its legal borrowing limit, leading to a standoff between Congress and the White House. The recent influx of cash to the IRS has allowed it to process new and backlogged tax returns, giving policymakers a more precise picture of when the Treasury could run out of money. Republicans have proposed extending the deadline, though the White House has not made any commitments.
Dr. Rochelle Walensky, the director of the Centers for Disease Control and Prevention (CDC), has announced her resignation, effective June 30. President Biden praised her work, saying she has saved lives with her focus on the health of every American. Walensky has been a key figure in the administration's pandemic response, helping to reduce the number of COVID-19 cases and deaths in the United States. It is unclear who will take over the role and what the future of the agency will be.
Jill Biden to Make History by Becoming First U.S. First Lady to Attend Coronation of British Monarch
Jill Biden to Make History by Becoming First U.S. First Lady to Attend Coronation of British Monarch
Jill Biden is set to make history this Saturday by becoming the first U.S. first lady to attend the coronation of a British monarch. She is engaging in some soft diplomacy while in London and is traveling with her granddaughter Finnegan Biden for the coronation of King Charles II. This Saturday marks a historic moment for the United States, as Mrs. Biden becomes the first U.S. first lady to attend the coronation of a British monarch.