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The Latest Breaking News from Janet Yellen

What is the US debt ceiling? How does it affect the economy? Could Australia be impacted?

The United States is rapidly running out of money to pay its bills unless the Republicans and Democrats can agree on a new deal. Here's how the US got here, and what it means for Australia.

ABC News

ASX closes lower as Incitec Pivot's profit falls, US recession warning as debt ceiling deadline looms — as it happened

The Australian share market closes lower as Incitec Pivot records a lower profit result, and the US Treasury secretary warns a recession is likely unless a deal is struck over the debt ceiling. Look back on the day's business and market news with our blog.

ABC News

What to expect as the US continues with debt ceiling negotiations

Republican lawmakers continue to insist on cuts to social programmes as US debt default looms on the horizon.

Al Jazeera

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Top Obama economist says we should abolish the debt limit as the current political 'brinksmanship' hurts the economy

The Harvard professor has argued since 2017 that the debt ceiling no longer helps restrain the national debt as intended.

Fortune

Biden reportedly cuts Asia trip short as debt ceiling talks enter crunch time – as it happened

President will return to the US on Sunday immediately following G7 to ensure Congress takes action to avoid 1 June default

The Guardian - US

Debt ceiling showdown: Biden and congressional leaders to meet as McCarthy pushes for faster deal

President Joe Biden will discuss the debt limit with House Speaker Kevin McCarthy and congressional leaders at the White House

The Independent UK

Yellen holds firm on potential June 1 debt ceiling deadline

“I still think we’re far apart,” McCarthy told NBC News on Monday.

Axios

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The debt limit fight is a 'game of chicken' that only has one loser: The U.S. economy

There could be serious economic damage in the U.S. and elsewhere if the debt ceiling fight nears the default deadline.

Fortune

G7 finance leaders pledge to contain inflation and to continue support for Ukraine

Finance ministers and central bank chiefs ended talks in Japan with a joint statement pledging to bring inflation under control while aiding those suffering the most from surging prices.

WEKU

G-7 finance chiefs boost Ukraine aid, propose supply chain plan

NIIGATA: Group of Seven (G-7) finance chiefs put more aid on the table for Ukraine, set up a new supply chain initiative and vowed to fill regulatory gaps in the banking sector in a show of unity on global geo-economic issues after three days of talks.

Bangkok Post

Japan's Kishida says G7 facing historic moment as finance leaders wrap up talks on global economy

Japanese Prime Minister Fumio Kishida says the world is facing a “historic turning point” as the country prepares to host the annual summit of the Group of Seven advanced economies next week in Hiroshima

The Independent UK

JPMorgan CEO Jamie Dimon warns of 'panic' as debt ceiling deadline looms

The U.S. Treasury warns that it might exhaust its ability to borrow money as early as June 1 if Congress does not raise the debt ceiling.

Fortune

G-7 talks focus on ways to fortify banks, supply chains as China accuses group of hypocrisy

Financial leaders of the Group of Seven advanced economies are focusing on ways to fortify ever more complicated financial systems and supply chains during meetings in Japan ahead of a summit next week

The Independent UK

U.S., German ministers discuss efforts to counter Russian sanctions evasion

U.S. Treasury Secretary Janet Yellen met German Finance Minister Christian Lindner on Friday, underscoring the importance of working together to counter evasion of Western sanctions imposed on Russia over its war in Ukraine, Treasury said.

Reuters

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Reuters

G7 finance chiefs debate reducing supply chain reliance on China

Finance leaders of the Group of Seven (G7) advanced economies discussed the need to make global supply chains more resilient by reducing over-reliance on China, German Finance Minister Christian Lindner said on Friday.

Fortune

Janet Yellen says Donald Trump's default plan is "unthinkable"

Donald Trump says the U.S. defaulting on its debts could either be "really bad" or "nothing". Janet Yellen is convinced it would be catastrophic.

Reuters

Brazil's Haddad raises concerns about economic situation, drought in Argentina

Brazilian Finance Minister Fernando Haddad expressed serious concerns on Thursday that Argentina's economic challenges and a major drought there could affect the country's "political destiny" and usher in an extremist government.

The Independent UK

Yellen: Different system needed to end repeated standoffs over US debt ceiling

Treasury Secretary Janet Yellen says that in her personal opinion, the United States should adopt a different system for national finances that might forestall repeated standoffs with Congress over spending

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Bangkok Post

US Treasury chief decries debt 'brinkmanship'

NIIGATA, Japan: Political brinkmanship over raising the US debt ceiling risks "serious economic costs" even without the "catastrophe" of a default, Treasury Secretary Janet Yellen warned Thursday at G7 finance talks in Japan.

Reuters

Yellen highlights common goals with Brazil on climate, development

U.S. Treasury Secretary Janet Yellen highlighted the fight against climate change and other goals shared by the United States and Brazil, in a meeting with Brazilian Finance Minister Fernando Haddad in Japan on Thursday.

Reuters

US debt standoff overshadows G7 finance leaders' meeting

A standoff in Washington over raising the U.S. debt ceiling overshadowed a meeting of Group of Seven (G7) finance leaders starting on Thursday, heightening U.S. recession fears as central banks seek a soft landing for the global economy.

The Independent UK

G7 finance ministers tackle global economic challenges as Yellen seeks to reassure on debt standoff

The financial leaders of the Group of Seven wealthy nations are meeting in Japan as a standoff over the U.S. debt ceiling looms as one of the biggest potential threats to the global economy

Reuters

Yellen, at G7, to underscore U.S. commitment to Ukraine for 'as long as it takes'

Treasury Secretary Janet Yellen on Thursday will underscore the United States' commitment to continue supporting Ukraine for as long as needed, while working with other rich nations to degrade Russia's ability to wage war against its neighbor.

Reuters

Yellen heads to G7 with debt ceiling, bank crisis and tax woes in tow

Treasury Secretary Janet Yellen lands at Japan's G7 finance meeting this week, with her ambitious economic agenda hijacked by a bitter partisan fight over the U.S. debt ceiling that threatens a new financial crisis, and a signature tax deal blocked by Republicans.

The Week

US debt ceiling: will Congress deadlock be broken?

The US government risks beginning to run out of money in a matter of weeks unless Republicans in Congress reach a compromise with President Joe Biden that would avoid economic Armageddon.

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