{"id":1922364,"date":"2023-05-01T23:41:03","date_gmt":"2023-05-02T03:41:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-us-could-default-by-june-1-if-debt-limit-not-raised\/"},"modified":"2023-05-01T23:43:36","modified_gmt":"2023-05-02T03:43:36","slug":"yellen-warns-us-could-default-by-june-1-if-debt-limit-not-raised","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-us-could-default-by-june-1-if-debt-limit-not-raised\/","title":{"rendered":"Yellen Warns US Could Default by June 1 If Debt Limit Not Raised"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fyellen-warns-us-could-default-by-june-1-if-debt-limit-not-raised%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1922364&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>US Could Default on Financial Obligations by June 1<\/h2>\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0501\/55beb202-d37f-420c-a1af-eafb630f862e\/audio.mp3?length=2258829&#038;duration=188\"><\/div>\n<p>The United States is facing a financial crisis as it could default on its financial obligations as early as June 1. This is unless Congress takes action to raise the nation&#8217;s $31.<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dems-reject-matched-spending-cuts-setting-up-debt-ceiling-showdown-with-gop\/\" title=\"Dems Reject Matched Spending Cuts, Setting Up Debt Ceiling Showdown With GOP\">4 trillion debt ceiling<\/a>, according to Treasury Secretary Janet Yellen.<\/p>\n<h3>Yellen&#8217;s Warning to Congress<\/h3>\n<p>Yellen announced the news in a <a href=\"https:\/\/www.documentcloud.org\/documents\/23794116-debt_limit_letter_congress_members_05012023?responsive=1&#038;title=1\">letter<\/a> to House Speaker Kevin McCarthy (R-Calif.) on May 1. &#8220;After <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-says-u-s-will-hit-the-debt-limit-as-early-as-june-1st\/\" title=\"Treasury says U.S. will hit the debt limit \u2018as early as June 1st\u2019\">reviewing recent federal tax receipts<\/a>, our best estimate is that we will be unable to continue to satisfy all of the government&#8217;s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time,&#8221; Yellen wrote.<\/p>\n<h3>Extraordinary Measures to Manage the Nation&#8217;s Bills<\/h3>\n<p>The secretary had warned Congress on Jan. 13 that a breach of the debt ceiling was days away but would be forestalled by taking &#8220;extraordinary measures&#8221; to manage the nation&#8217;s bills. At the time, Yellen estimated that those tactics would keep the Treasury under the limit through early June. The Congressional Budget Office later forecast an X Date sometime in late summer. Now, due to lower-than<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-us-could-default-by-june-1-if-debt-limit-not-raised\/\" title=\"Yellen Warns US Could Default by June 1 If Debt Limit Not Raised\">-expected tax receipts<\/a> this spring, Yellen has restated the earlier forecast.<\/p>\n<h3>Republicans Passed the Limit, Save, Grow Act<\/h3>\n<p>This news comes days after Republicans passed the Limit, Save, Grow Act, a bill that would raise the debt limit by $1.5 trillion, enough to carry the government into early 2024. However, the increase was accompanied by a number of spending cuts and caps that Democrats have said are unacceptable.<\/p>\n<h3>Biden Refuses to Negotiate on Raising the Debt Ceiling<\/h3>\n<p>President Joe Biden has refused to negotiate on raising the debt ceiling, saying that to do so would put the &#8220;full faith and credit&#8221; of the United States at risk. &#8220;It&#8217;s up to you now,&#8221; McCarthy told reporters on April 26, as if addressing Biden. &#8220;Whether the economy gets in any trouble, it&#8217;s you. Because Republicans raised the debt limit. You have not. Neither has [Senate Majority Leader Chuck] Schumer.&#8221;<\/p>\n<p>However, the following day, White House Press Secretary Karine Jean-Pierre, when asked whether the president was ready to negotiate, repeated Biden&#8217;s refusal to discuss the debt ceiling. &#8220;The United States has never failed on its debt obligation,&#8221; Jean-Pierre said at the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/newsom-extends-southern-california-stay-at-home-order-for-at-least-another-three-weeks\/\" title=\"Newsom Extends Southern California Stay-at-Home Order For at Least Another Three Weeks\">press briefing<\/a> on April 27.<\/p>\n<h3>Conclusion<\/h3>\n<p>The US is facing a financial crisis, and it&#8217;s up to Congress to take action to raise the debt ceiling before June 1. The situation is complicated by political differences between Republicans and Democrats, with the former passing a bill that the latter deems unacceptable. President Biden has refused to negotiate, citing the risk to the country&#8217;s credit. The world is watching as the US faces this critical moment in its financial history.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen just dropped a bombshell: the United States might default on its financial obligations as soon as June 1! That&#8217;s right, folks, unless Congress steps up and raises the nation&#8217;s $31.4 trillion debt ceiling, we could be in big trouble. Yellen sent a letter to House Speaker Kevin McCarthy (R-Calif.) on May 1, warning him of the dire situation. And with federal tax receipts not looking too hot, it&#8217;s time for our leaders to take action before it&#8217;s too late.<\/p>\n","protected":false},"author":1793,"featured_media":1922365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[5487,15651,13148,6612,4959,3633,5286],"class_list":["post-1922364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-debt","tag-default","tag-june","tag-limit","tag-raised","tag-warns","tag-yellen"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1922364","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1793"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1922364"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1922364\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1922365"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1922364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1922364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1922364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}