Congress is close to passing a bill to raise the debt limit and avoid a U.S. default, but 2024 Republican presidential hopefuls are expressing their disapproval of the deal. Former President Donald Trump and Florida Gov. Ron DeSantis have called it a “horrible deal” and “will only add to our already unsustainable debt” respectively. Other hopefuls, such as Nikki Haley and Mike Pompeo, have also voiced their concerns about the country’s debt and spending.
Posts tagged as “the Treasury Department”
President Biden and House Speaker Kevin McCarthy's teams have been negotiating for days in an effort to reach an agreement on the debt ceiling before the June 5 deadline. Treasury Secretary Janet Yellen announced that the United States has a few more days than expected before it runs out of money. President Biden expressed optimism that a deal could be reached by the end of the night.
Treasury Secretary Janet Yellen announced that the U.S. will run out of money to meet its obligations on June 5, 2023, if Congress does not raise or suspend the debt limit. The House Freedom Caucus has demanded that Yellen provide documentation and data to back up her announcement. President Joe Biden and Republican lawmakers now have more time to reach an agreement on a budget deal that lifts the debt ceiling.
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.
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."
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.