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The Latest Breaking News from Janet Yellen

Lawsuit: Yellen should ignore 'unconstitutional' debt limit

A union of government employees sued Treasury Secretary Janet Yellen and President Joe Biden to try to stop them from complying with the law that limits the government’s total debt, which the lawsuit contends is unconstitutional

The Independent UK

Biden, Yellen Won't Rule Out Declaring Debt Ceiling Unconstitutional

Plus: Kansas voting restrictions struck down, the legacy of the "vast wasteland" speech, and more…

Reason

Republicans and Democrats deadlocked as US debt ceiling deadline nears – as it happened

Negotiations continue over plan to increase debt limit before 1 June deadline

The Guardian - US

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Yellen warns of 'calamity' unless Congress raises the debt limit. What's the holdup?

The treasury secretary warns that the U.S. could default on its debt by June 1, with disastrous economic consequences. GOP Rep. Dusty Johnson explains why Republicans insist on adding conditions.

WEKU

Stocks Set to Open Mixed as Investors Await U.S. Inflation Data, Debt Worries Remain

June S&P 500 futures (ESM23) are up +0.02%, and June Nasdaq 100 E-Mini futures (NQM23) are down -0.11% this morning as market participants awaited crucial U.S. inflation data that could influence the Federal Reserve’s monetary policy stance.

Barchart

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

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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

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

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

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Axios

Debt-ceiling countdown sparks scramble for Plan B

Top Biden officials are privately debating a controversial escape hatch.

The Independent UK

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 Conversation

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.

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Reason

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.

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.

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

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