United States towards default. Treasury Secretary Janet Yellen has warned that the US could default as early as June 1 if Congress does not raise or lift the debt limit before then. In a letter to House and Senate leaders, Yellen urged Congress to “protect the full confidence and credit of the United States by acting as quickly as possible”. Waiting until the last minute to suspend or raise the debt limit could seriously damage business and consumer confidence, increase short-term borrowing costs for taxpayers, and have a negative impact on America’s credit rating.”
To deal with the emergency, President Joe Biden convened the top four Congressional leaders, including House Speaker Kevin McCarthy, to discuss raising the debt ceiling. The information was released by sources cited by the US media. The call comes after Treasury Secretary Janet Yellen warned that the US could default by June 1.
Source: IL Tempo
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
