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The Latest Breaking News from Janet Yellen

Yellen warns of 'constitutional crisis' in US debt ceiling showdown

US Treasury Secretary Janet Yellen has urged lawmakers to find common ground and raise the country's borrowing limit. Speaking to ABC News, she also warned that the idea of invoking the 14th amendment to raise the debt ceiling could lead to a "constitutional crisis". Also, the Financial Times reports that…

France 24

Janet Yellen: ‘No good options’ if Congress fails to act on debt ceiling

The Treasury secretary paints a dire picture of what might happen if the borrowing limit is not increased before the department runs out of what it calls ‘extraordinary measures’ to operate under the current cap.

Chicago Sun-Times

Yellen: 'No good options' if Congress fails to act on debt

Treasury Secretary Janet Yellen says there are “no good options” for the United States to avoid an economic “calamity” if Congress fails to raise the nation’s $31 trillion-plus borrowing limit in the coming weeks

The Independent UK

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Republicans are being dangerous and irresponsible on debt ceiling crisis

Kevin McCarthy combines ambition and weakness. Hard-line Republicans claim to be the saviors of fiscal sanity. Their hypocrisy, even by Washington standards, is stunning, but Biden is taking a risk by not negotiating.

Chicago Sun-Times

Faster IRS offering better picture on looming debt 'X-date'

That big infusion of cash that Congress approved last year to shape up the beleaguered IRS is having an unexpected side benefit

The Independent UK

White House warns of catastrophic recession if US defaults on debt

The White House says a default would cause a self-perpetuating crisis because the government couldn’t borrow money to help Americans deal with the resulting recession

The Independent UK

"Nobody believes her": Republicans believe debt ceiling cliff is further than Yellen claims

Deadlines only work if all the parties actually believe that they are real.

Axios

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World Bank elects US nominee Ajay Banga president

He replaces Malpass, who was criticised for his stance on climate change and will step down nearly a year early.

Al Jazeera

Yellen to travel to Japan for G7 finance ministers meeting

U.S. Treasury Secretary Janet Yellen will travel to Niigata, Japan next week to participate in the Group of Seven (G7) finance ministers and central bank governors meeting, the Treasury Department said on Wednesday.

Reuters

Debt-ceiling countdown sparks scramble for Plan B

Top Biden officials are privately debating a controversial escape hatch.

Axios

Debt deadline: White House meeting set, but no solution yet

Facing the risk of a government default as soon as June 1, President Joe Biden has invited the top four congressional leaders to a White House meeting for talks next week

The Independent UK

Watch: Karine Jean-Pierre holds White House briefing as debt ceiling deadline approaches

White House press secretary Karine Jean-Pierre held a news briefingon Tuesday (2 May) as the deadline to raise the federal government’s $31.4 trillion debt ceiling looms.

The Independent UK

Yellen puts Congress on notice over impending debt default date: 5 essential reads on what's at stake

Lawmakers have been given notice of a new deadline if they are to avoid a damaging default on U.S. debt: June 1, 2023.

The Conversation

The Clock Is Ticking: U.S. Could Default on Debt Payments by June 1

It's time for President Joe Biden and House Speaker Kevin McCarthy to strike a deal that will avoid a default and cut spending.

Reason

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The Street

Stocks Lower With Fed In Sight, Debt Ceiling Warning, Ford And Starbucks Report, IBM AI Job Plans - Five Things To Know

Stock futures slip as Fed begins two-day policy meeting; Biden orders debt ceiling summit as new default risk emerges; Ford earnings on deck as carmakers fight narrowing margins; new Starbucks CEO Narasimhan to lead first quarterly earnings update and IBM plans hiring pause, will use AI to replace 7,800 jobs.

Axios

Yellen breaks the debt ceiling ice

The timeline is more urgent than it looks, and a vast chasm remains between the two parties.

France 24

Yellen warns of looming June 1 US debt ceiling deadline

US Treasury Secretary Janet Yellen has written to congressional leaders warning that the federal government could run out of cash as early as June 1, unless they agree on raising the debt limit or suspending it. President Joe Biden has invited Republican House leader Kevin McCarthy for talks on May…

Chicago Sun-Times

Treasury’s Yellen says U.S. could default as soon as June 1

Treasury Secretary Janet Yellen warns lawmakers that if they do not vote to raise or suspend the nation’s borrowing authority it could cause a global financial crisis.

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news in one place.

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The Hindu

Morning Digest | India leads ‘Laundromat’ countries buying Russian crude, selling refined products to Europe; U.S. projected to hit debt ceiling as soon as June 1, and more

The Hindu’s Morning Digest brings readers a select list of stories to start the day

Al Jazeera

US Treasury says government may default on debt as early as June

A letter from US Treasury Secretary Janet Yellen warns of potential ‘harm to business and consumer confidence’.

The Independent UK

Biden invites House and Senate leaders to White House as debt limit crisis looms

Mr Biden will meet with top House and Senate leaders on 9 May

WEKU

The U.S. could run out of cash to pay its bills by June 1, Yellen warns Congress

Treasury Secretary Janet Yellen warned lawmakers that unless the debt ceiling is raised soon, the federal government may not have enough money to pay its bills as early as June 1.

Axios

U.S. may hit debt ceiling as early as June 1, Janet Yellen warns

"It is imperative that Congress act as soon as possible to increase or suspend the debt limit," Yellen wrote.

The Independent UK

US borrowing increases as standoff over debt continues

The Treasury Department said Monday it plans to increase its borrowing during the April to June quarter of this year

Fortune

The $100 billion meltdown of First Republic could play out 3 ways—and 2 are terrible for shareholders

The once high-flying bank has seen shareholders flee as concern mounts that the FDIC may have to step in.

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