Treasury Secretary Janet Yellen on Saturday called the showdown over raising the U.S. debt ceiling 'more difficult' than in the past but said she remained hopeful a solution could be found to avert a first ever U.S. default
US Treasury Secretary Janet Yellen speaks during a meeting with Japan's Finance Minister Shunichi Suzuki at the G7 Finance Ministers and Central Bank Governors' Meeting in Niigata on May 13, 2023. KAZUHIRO NOGI/Pool via REUTERS
Yellen told Reuters in an interview on the sidelines of a meeting of Group of Seven finance officials in Japan that she hoped to update the U.S. Congress within the next couple of weeks about when exactly Treasury would run out of funds to pay the government's bills. President Joe Biden, a Democrat, insists Congress has a constitutional duty to raise the ceiling without conditions to fund previously approved spending. Republicans, who control the House of Representatives, have tied their agreement to increase the cap to sweeping budget cuts.
Yellen said the first major standoff over the debt ceiling since 2011 reflected continuing U.S. polarisation after the presidency of Donald Trump and raised concerns about U.S. relationships and standing in the world.
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Yellen: Still some uncertainty about when Treasury will run out of cashTreasury Secretary Janet Yellen said there was still uncertainty about exactly when Treasury would run out of cash to pay the U.S. government's debts, but she would keep Congress apprised of any change in the date, which could come as early as June 1.
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Yellen: Still uncertainty about when Treasury will run out of cashTreasury Secretary Janet Yellen said there was still uncertainty about exactly when Treasury would run out of cash to pay U.S. government debts, but she would keep Congress apprised of any change in the date, which could come as early as June 1.
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