If the debt ceiling is not raised or suspended by Congress before the current limit expires, the government risks defaulting on its payment obligations, with profound implications for the economy.
Janet Yellen
America can enter default In early June, this Monday was promised Treasury Secretary Janet Yellen When politicians wrestle An increase in the government’s borrowing limit.
Last week, Republicans voted to raise the national debt ceiling, but with drastic budget cuts as they sought to confront a Democratic president. Joe Biden For “excessive” spending.
Despite the US hitting its debt ceiling of $31.4 trillion in January, the Treasury took extraordinary steps to allow it to continue funding government operations.
If the debt ceiling is not raised or suspended by Congress, the current limit will expire. The government risks defaulting on its payment obligations, with profound implications for the economy.
“Our best estimate is that we will not be able to continue to meet all government obligations by the beginning of June, and before June 1, unless Congress raises or suspends the debt ceiling.”In a letter to the Speaker of the House of Representatives, Yellen wrote, Kevin McCarthy.
“Given the current outlook, it is imperative that Congress act quickly to raise or suspend the debt ceiling to provide long-term certainty that the government will continue to meet its payments,” Yellen said.
“Introvert. Thinker. Problem solver. Evil beer specialist. Prone to fits of apathy. Social media expert. Award-winning food fanatic.”
More Stories
Two influencers drown after refusing to wear life jackets: “ruining selfies”
Uruguay 2024 election results: who won and when is the second round | Waiting to know whether there will be a runoff or not
Uruguay: Lacalle Pou leaves with his figure on the slopes | The Marcet and Asteziano scandals hit the right-wing ruler