5/18/2023 0 Comments One for the money by janet![]() ![]() She said Biden hoped to establish a process for discussing and compromising on fiscal-policy issues and his budget proposal with congressional Republicans but would not do it "with a gun" to his or the American people's heads.īiden insists that Congress has a constitutional duty to raise the debt ceiling, which reflects previously spent federal money, without conditions, but Republicans have tied any increase to sweeping budget cuts that Democrats oppose.īiden will meet on Tuesday with Republican House Speaker Kevin McCarthy, Senate Minority Leader Mitch McConnell and top congressional Democrats at the White House to try to break the impasse. "The only option that really leaves our economy in good shape - and our financial system - is raising the debt ceiling." ![]() "There are a variety of different options, but there are no good options. Treasury could prioritize payouts to bondholders in the event of a default, Yellen told CNBC that President Joe Biden would be forced to make decisions on what to do with Treasury's resources if the debt ceiling was not raised, but declined to discuss or rank the options. ![]() economy and weaken the dollar as the world's reserve currency.Īsked whether the U.S. WASHINGTON, May 8 (Reuters) - Treasury Secretary Janet Yellen said on Monday that a failure by Congress to raise the $31.4 trillion federal debt limit would cause a huge hit to the U.S. ![]()
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