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The Latest Breaking News from Janet Yellen

Threat of US credit downgrade looms over debt ceiling talks

With one of three major rating agencies warning that America’s AAA credit is at risk, the stakes are growing in the standoff in Washington over raising the nation’s debt limit

The Independent UK

Debt default 'X-date' calculations aim to figure out when the US may run short of cash

For all the concern over when the government might run out of money to cover all its bills, it turns out that no one can be absolutely sure exactly when the country faces a potential default — the dreaded “X-date.”

The Independent UK

What Exactly Is a "Default"?

The term gets thrown around loosely to refer to different concepts, but with very different implications.

Reason

From analysis to the latest developments in health,
read the most diverse news in one place.

5 things people get wrong about the debt ceiling saga

Did spending by President Biden and the Democrats rack up the country's debt? Is a default the same as a government shutdown? Here are answers to things people often get wrong about the debt ceiling.

WEKU

McCarthy's Republicans push debt ceiling talks to brink, lawmakers leaving town for weekend

House Republicans are pushing debt ceiling talks to the brink

The Independent UK

McCarthy signals debt deal optimism as US is put on credit watch

WASHINGTON — House Speaker Kevin McCarthy’s optimism that White House and GOP negotiators would reach a deal in time to avert a potentially catastrophic default didn’t mollify analysts as the U.S. was put on a ratings watch late Wednesday.

Tribune News Service

McCarthy says GOP and White House ‘have time’ to reach debt deal

WASHINGTON — House Speaker Kevin McCarthy expressed optimism Wednesday that White House and GOP negotiators would reach a deal in time to avert a potentially catastrophic U.S. default.

Tribune News Service

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GOP, Biden negotiators resume talks amid debt default impasse

WASHINGTON — Negotiators for the White House and House Republicans resumed talks on lifting the U.S. debt ceiling amid an impasse just days before a potentially catastrophic default, according to a person familiar with the matter.

Tribune News Service

Republican Tax Package Could Follow Debt Ceiling Deal

A debt ceiling agreement hasn’t been reached, but there’s talk that Republicans could soon propose a bill to address some key tax changes.

Kiplinger

US lawmakers blame each other for debt ceiling standoff: ‘They are not negotiating’

Democrats and Republicans continue to trade pointed remarks, underscoring that agreement is not in reach to avoid default

The Guardian - US

Debt Ceiling Crisis: What Did Stocks Do the Last Time the U.S. Nearly Defaulted?

Playing chicken with the debt ceiling has been bad for stocks in the past.

Kiplinger

One of the world’s best market watchers says there’s ‘zero chance’ the debt crisis isn’t resolved

Wharton professor Jeremy Siegel believes politicians will ultimately come to a compromise to “kick the can down the road” by extending the debt ceiling.

Fortune

Debt ceiling talks aren't going well. Here's where they stand

House Republicans insist there's a gulf between them and the White House on key areas on how to resolve the looming debt ceiling deadline.

WEKU

Just in case: Anxious retirees, social service groups among those making default contingency plans

Politicians in Washington may be offering assurance that the government will figure out a way to avert default, but around the country, economic anxiety is rising and some people already are adjusting their routines

The Independent UK

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The Independent UK

Marjorie Taylor Greene pays $100k for chapstick used by Kevin McCarthy

‘They doing this insane chapstick s*** while the country teeters on default. Wild,’ Ilhan Omar tweets

The Guardian - US

Ron DeSantis ‘to announce presidential run on Twitter with Elon Musk’ – as it happened

Florida governor reportedly to officially announce campaign on platform; McCarthy says debt deal possibly by 1 June

Chicago Sun-Times

Debt ceiling explained: Why it’s a struggle in Washington and how the impasse could end

House Speaker Kevin McCarthy says his team and the White House have had ‘productive’ discussions to avert a default on U.S. debt days before the June 1 deadline.

The Guardian - US

Biden and McCarthy hold debt ceiling talks but no deal yet as deadline looms

Republican speaker says he and president had ‘productive’ discussion but that ‘the time of just spending more money is wrong’

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news in one place.

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Al Jazeera

Biden and McCarthy resume talks as US debt ceiling deadline looms

Their meeting comes as US Treasury Secretary Janet Yellen issues third letter in three weeks, warning of a June default.

Axios

Yellen triples down on debt ceiling deadline

President Biden and Speaker McCarthy are scheduled to meet tonight.

The Guardian - US

Debt ceiling showdowns aren’t new – but this time gonzo Republicans are ready to blow up the economy

Republicans like Marjorie Taylor Greene and nihilists like Trump are more committed to gaining power than to cutting the government debt

Barchart

Stocks Set to Open Higher as Investors Await FOMC Minutes, U.S. Debt-Ceiling Talks in Focus

June S&P 500 futures (ESM23) are up +0.09%, and June Nasdaq 100 E-Mini futures (NQM23) are up +0.12% this morning as market participants continued to monitor U.S. debt-ceiling negotiations while awaiting the release of the Fed’s favorite inflation gauge and the minutes of the Federal Reserve’s latest policy meeting.

Fortune

Goldman Sachs estimates Janet Yellen has two more weeks before running out of cash

The U.S. government's cash reserves are dwindling, and soon the Treasury will have to flood the market with over half a trillion dollars in new IOUs.

Reason

Worried About the Debt Fight? Make the Hard Spending Decisions That Politicians Won't!

The debt ceiling isn’t the issue; excessive federal spending is the real problem.

Barchart

Stocks Set to Open Lower as Investors Await FOMC Minutes, U.S. Debt-Ceiling Talks in Focus

June S&P 500 futures (ESM23) are down -0.03%, and June Nasdaq 100 E-Mini futures (NQM23) are down -0.14% this morning as market participants continued to monitor U.S. debt-ceiling negotiations while awaiting the release of the Fed’s favorite inflation gauge and the minutes of the Federal Reserve’s latest policy meeting.

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