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The Latest Breaking News from Janet Yellen

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.

Reuters

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.

The Week

Path to a debt-ceiling deal: Fail, then succeed

Failure is not an option in the debt-ceiling talks. But flirting with it may be necessary to reach a deal.

Axios

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Biden and congressional leaders met about the debt limit. They'll talk again on Friday

The government could run out of money to pay its bills as soon as June 1. President Biden said talks were "productive" though Speaker Kevin McCarthy said "I didn't see any new movement."

WEKU

Biden and McCarthy set for Oval Office showdown as US edges closer to defaulting on debt

Experts say a failure to raise the debt limit would force the government to default on its debt and precipitate a worldwide financial crisis.

The Independent UK

Chaos? Kumbaya? How the debt limit standoff might end

Just how does this debt limit standoff end

The Independent UK

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

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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

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

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

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Chicago Sun-Times

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.

The Independent UK

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 Times of India

Federal Reserve can’t protect US economy from debt default: Jerome Powell

WASHINGTON: Federal Reserve Chair Jerome Powell said the failure to raise the US government debt limit would be unprecedented and have highly uncertain and negative effects on the economy.

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Axios

"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.

Al Jazeera

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.

Reuters

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.

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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