Yellen: US Treasury Department’s Extraordinary Measures to Prevent Default Are Ending
WASHINGTON, May 7 – RIA Novosti. US Treasury Secretary Janet Yellen said the US Treasury Department’s mandate to take extraordinary measures to avoid default has expired.
“We have been implementing extraordinary measures for several months. “Our ability to do that is coming to an end,” Yellen told ABC News when asked if the Treasury had more tools to avoid default.
The U.S. Treasury has previously warned that it may not be able to meet its obligations fully if Congress does not extend its borrowing limits by June 1.
Republicans who control the lower house of Congress attribute the increase in the ceiling to the adoption of a program of radical budget cuts that the White House cannot accept.
President Joe Biden has repeatedly asked his rivals to extend debt limits without any conditions, and he flatly refuses to negotiate on the issue. He is scheduled to meet with congressional leaders, including Speaker of the House Kevin McCarthy, next week.
Patrushev says the US will increasingly default
Source: Ria
I’m Harold O’Connor and I work as an author and editor for News Unrolled, a news website dedicated to delivering the latest world events. With my in-depth research skills, passion for news writing, and keen eye for detail, I strive to provide readers with accurate information on current affairs from around the globe.
