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US Treasury Secretary Janet Yellen updated her warning of a possible default on Friday. In a letter to Republican House Speaker Kevin McCarthy, Yellen wrote that “according to the latest data,” the House must raise the debt ceiling by June 5 for the government to meet its commitments. The Finance Minister has repeatedly referred to June 1 as a possible “Day X”.
The Biden government and opposition Republicans are arguing about raising the debt ceiling under increasing time pressure. Without a deal, the United States faced bankruptcy for the first time in its history with potentially devastating economic and financial consequences far beyond the country.
Opposition leader McCarthy spoke of “progress” in talks with the White House on Friday. Earlier, several US media had reported that the government of President Joe Biden and Republicans would come closer in the months-long dispute. Accordingly, the debt ceiling could be raised for two years and thus beyond the presidential election in November 2024.
In turn, cuts will be made in certain government spending. That’s what the Republicans, who hold the majority in the House of Representatives and can prevent the debt limit from being raised, are demanding.
(AFP)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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