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Tuesday, January 31, 2023

Yellen warns of U.S. default risk by early June, urges debt limit hike | Reuters

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US Treasury Secretary Janet Yellen stated on Friday that the US will most certainly reach the $31.4 trillion statutory debt limit on January 19. 

Prompting the Treasury to implement exceptional cash management procedures that will likely prevent a default until early June. Republicans, who now control the House, have threatened to use the debt ceiling as leverage to force Democrats and the Biden administration to cut spending. This has raised concerns in Washington and on Wall Street about a bruising debt-ceiling battle this year that could be at least as disruptive as the protracted battle in 2011, which resulted in a brief downgrade of the United States’ credit rating and years of forced domestic and military spending cuts. 

Source: https://www.reuters.com/markets/us/yellen-urges-us-congress-act-quickly-debt-limit-2023-01-13/ 

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