The Treasury Department said Monday it plans to increase its borrowing during the April to June quarter of this year.
Treasury Secretary Janet Yellen speaks on the U.S.-China economic relationship at Johns Hopkins University School of Advanced International Studies, Thursday, April 20, 2023, in Washington. – Treasury Secretary Janet Yellen notified Congress on Monday that the U.S. could default on its debt as early as June 1, if legislators do not raise or suspend thebefore then and avert what could potentially become a global financial crisis.
The Treasury said Monday it plans to increase its borrowing during the April to June quarter of this year, even as the federal government is close to breaching the debt limit. Eric Van Nostrand, acting assistant secretary for economy policy, said in a statement that “even if Congress ultimately raises the debt limit before a default occurs, the ensuing uncertainty could raise borrowing costs and induce other financial stress that would weaken our labor market and our standing in the world."
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Treasury Secretary Yellen moves up debt ceiling deadline to early JuneThe IRS brought in less taxes than expected this year, and the Treasury says it may run out of funds as early as June 1.
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Treasury Secretary Janet Yellen says US could hit debt ceiling as soon as June 1In a letter Monday to House and Senate leaders, Yellen urged Congress “to ... act as soon as possible” to address the $31.4 trillion limit on its legal borrowing authority.
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Treasury Secretary Janet Yellen says US could hit debt ceiling as soon as June 1Treasury Secretary Janet Yellen notified Congress on Monday that the U.S. could default on its debt as early as June 1, if the body does not raise or suspend its statutory borrowing authority before then.
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Treasury's Yellen says US could default as soon as June 1Treasury Secretary Janet Yellen has notified Congress that the U.S. could default on its debt as early as June 1, if legislators do not raise or suspend the nation’s borrowing authority before then and avert what could potentially become a global financial crisis. In a letter Monday to House and Senate leaders, Yellen urged congressional leaders “to protect the full faith and credit of the United States by acting as soon as possible” to address the $31.4 trillion limit on its legal borrowing authority. She added that it is impossible to predict with certainty the exact date of when the U.S. will run out of cash.
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Yellen says US could hit debt ceiling as soon as June 1“We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short…
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