The National Association of Government Employees (NAGE) has filed a lawsuit against Treasury Secretary Janet Yellen in the U.S. District Court for Massachusetts, seeking an injunction to prevent the government from defaulting on its debts due to the current debt limit. The lawsuit claims that the union’s workers are “at immediate and imminent risk of layoff or furlough” if a deal is not reached to increase the government’s borrowing limit. NAGE President David J. Holway said the debt limit “puts our members’ jobs and livelihoods at risk” and the union is “fighting to protect the economic security of our members and their families.”
Posts tagged as “Janet Yellen”
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.
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.
Treasury Secretary Janet Yellen has warned of "economic and financial catastrophe" if the debt ceiling is not lifted or suspended by June 1. Congressman Patrick McHenry of North Carolina, Chairman of the House Financial Services Committee, is working to come up with a solution to the debt ceiling issue, noting that a "protracted" default could trigger a Great Recession type of scenario. Both are urging Congress and the White House to come to an agreement before the June 1 deadline in order to avoid economic disaster.
The U.S. is facing a potential default on its debt for the first time in history, with economists warning of dire consequences. Small business owners are particularly vulnerable, and President Biden is set to meet with congressional leaders to try and reach a deal to prevent a default. It is hoped that this meeting will result in an agreement that will prevent the U.S. from defaulting on its debt.
The United States is facing a potential debt crisis, with the possibility of defaulting on its debt as early as June 1. In response, House Democrats have taken the first procedural steps to try to force a House vote on a clean debt ceiling increase. President Biden has invited the top four congressional leaders to the White House on May 9 to discuss potential solutions to avert the crisis.
Treasury Secretary Janet Yellen has warned congressional leaders that the US may be unable to pay its bills as soon as June 1 due to a looming debt limit. Yellen urged Congress to take action to raise or suspend the debt limit before June 1 in order to avoid a potential default on the government's obligations, noting that the Treasury is taking steps to conserve cash but that these measures will not be enough.
The United States Treasury Department has warned that the deadline to extend the debt ceiling or face the first U.S. default could be as early as June 1. Analysis from Moody's Analytics has revealed that tax receipts have been weaker than expected, leading to the revised timeline. Treasury Secretary Janet Yellen is urging Congress to act quickly in order to avoid a self-inflicted crisis, warning that "failure to act would have catastrophic economic consequences for every American."