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.
Posts tagged as “the 14th Amendment”
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.