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2023-05-22 Government Corruption
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US Treasury warned of a possible default until June 15
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Direct Translation via Google Translate. Edited.
[Regnum] United States Treasury Secretary Janet Yellen suggested that the country may not make it to June 15 if the issue of the public debt limit is not resolved in the near future.
| Their version of playing hardball in the hope that the House Republicans give up demanding spending cuts. |
“My assessment is that the chances of making it to June 15, being able to pay all of our bills, are pretty low ,” Yellen said in an interview with NBC on May 21.
She also stressed that the problem of US public debt must be resolved before June 1.
Earlier, White House press secretary Karine Jean-Pierre said that problems arose during negotiations on the public debt of the United States of America. According to her, the team of US House Speaker Kevin McCarthy put forward a number of proposals that had a negative impact on the negotiation process.
As IA Regnum reported , President Joe Biden during a press conference following the G7 summit in Hiroshima also said that he could not guarantee that the Republican opposition would not provoke a default with their decisions and actions.
More from regnum.ru
Biden could not rule out default in the US
US President Joe Biden said he could not guarantee that the Republican opposition would not provoke a sovereign default by their actions. He made such a recognition at a press conference in Hiroshima following the G7 summit.
Biden says he can't guarantee avoidance of US default. "I can't guarantee they won't trigger a default by doing something outrageous," Biden said.
He also said that he is studying the possibility of using presidential powers to avoid default, including within the framework of the 14th amendment to the US constitution.
"I'm looking into the Fourteenth Amendment to see if we have powers or not," he told reporters.
According to the president himself, he has such powers, but the question remains how to use them without the risk of challenge.
The fourth section of the 14th Amendment to the US Constitution states that the solvency of the public debt should not be in doubt. This section may allow the president to decide the issue of public debt without congressional approval.
Recall that on May 10, Andrey Kolganov, a leading researcher at the Faculty of Economics of Moscow State University, told IA Regnum that the US authorities will not be able to endlessly raise the ceiling of public debt, so a default becomes inevitable in the future.
According to Kolganov, a default on US government obligations could mean a fairly strong drop in confidence in their securities, not only in government securities, but also in private ones. This, in turn, will create very serious financial difficulties up to the possibility of causing significant damage to the banking system.
At the same time, he stressed that the issue of increasing the public debt is exclusively a subject of political bargaining between Democrats and Republicans. Because in fact, the US has no other choice but to raise the national debt ceiling. Otherwise, they will not be able to finance their domestic spending.
Earlier, the head of the White House admitted that the predicted default in the event of failure of negotiations to increase the national debt ceiling would be devastating to the US economy. At the same time, Biden noted that he does not rule out a default, although he does not reject the possibility of a short-term increase in the national debt ceiling.
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