U.S. Treasury Secretary Janet Yellen on Sunday issued a stark warning that a failure by Congress to act on the debt ceiling could trigger a 'constitutional crisis' that also would call into question the federal government's creditworthiness.
Photo d'archives de la secrétaire d'État au Trésor américain, Janet Yellen. /Photo prise le 20 avril 2023 à Washington, États-Unis/REUTERS/Sarah SilbigerWASHINGTON, May 7 - U.S. Treasury Secretary Janet Yellen on Sunday issued a stark warning that a failure by Congress to act on the debt ceiling could trigger a "constitutional crisis" that also would call into question the federal government's creditworthiness.
Biden has asked Congress to raise the debt ceiling with no conditions. The Republican-led House of Representatives last montha bill that would raise the government's $31.4 trillion debt ceiling, but the measure included sweeping spending cuts over the next decade that Biden and his fellow Democrats oppose.
"And we should not get to the point where we need to consider whether the president can go on issuing debt. This would be a constitutional crisis," Yellen added, alluding the delineation of powers of the executive and legislature under the U.S. Constitution. The House-passed bill would pare spending to 2022 levels and then cap growth at 1% a year, repeal some tax incentives for renewable energy and stiffen work requirements for some anti-poverty programs.
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