{"id":1922430,"date":"2023-05-02T00:56:30","date_gmt":"2023-05-02T04:56:30","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-of-debt-default-as-early-as-june-1\/"},"modified":"2023-05-02T00:59:47","modified_gmt":"2023-05-02T04:59:47","slug":"yellen-warns-of-debt-default-as-early-as-june-1","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-of-debt-default-as-early-as-june-1\/","title":{"rendered":"Yellen Warns Of Debt Default As Early As June 1"},"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\">20<\/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-of-debt-default-as-early-as-june-1%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=1922430&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 Risks Defaulting on Debt as Early as June 1, Warns Treasury Secretary<\/h2>\n<p>The United States risks defaulting on its debt as early as June 1, according to Treasury Secretary <a href=\"https:\/\/www.dailywire.com\/topic\/janet-yellen\" target=\"_blank\" rel=\"noopener\">Janet Yellen<\/a>. In a letter sent to leaders in Congress, Yellen warned that if Congress does not raise or suspend the debt limit before that time, the government will be unable to continue to satisfy all of its obligations.<\/p>\n<h3>The Consequences of Defaulting on Debt<\/h3>\n<p>Experts have warned that a default this summer could cripple the U.S. economy without a deal to raise the borrowing limit for the federal government. The Treasury Department says Congress has acted upon 78 times since 1960. If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm the country&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-of-debt-default-as-early-as-june-1\/\" title=\"Yellen Warns Of Debt Default As Early As June 1\">global leadership position<\/a>, and raise questions about its ability to defend its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/congressional-war-vets-warn-biden-against-shuttering-gitmo\/\" title=\"Congressional War Vets Warn Biden Against Shuttering Gitmo\">national security interests<\/a>.<\/p>\n<h3>The Political Fight Over Raising the Debt Ceiling<\/h3>\n<p>Republicans and Democrats have been engaged in political fighting over raising the debt ceiling. On Wednesday, the GOP-led House narrowly passed a bill called the \u201cLimit, Save, Grow Act of 2023,\u201d which would suspend the debt ceiling through March 31, 2024, or until an increase in debt of $1.5 trillion \u2014 whichever comes first \u2014 in exchange for a host of spending cuts. President Joe Biden and his fellow Democrats have insisted on a \u201cclean\u201d debt ceiling bill separate from any spending cuts or any policy concessions. Meanwhile, House Speaker Kevin McCarthy (R-CA) has pushed for negotiations.<\/p>\n<h3>What Needs to Be Done<\/h3>\n<p>Yellen said it is \u201cimpossible to predict with certainty the exact date when Treasury will be unable to pay the government\u2019s bills, and I will continue to update Congress in the coming weeks as more information becomes available.\u201d She warned Congress that time is of the essence and urged them to protect the full faith and credit of the United States by acting as soon as possible.<\/p>\n<h3>Conclusion<\/h3>\n<p>The United States risks defaulting on its debt, which could have severe consequences for the country&#8217;s economy and global leadership position. It is up to Congress to act quickly and raise the debt ceiling to avoid a default. The Treasury Secretary has warned that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-us-will-be-out-of-money-in-october-if-congress-doesnt-raise-debt-ceiling\/\" title=\"Yellen: US Will Be Out Of Money In October If Congress Doesn\u2019t Raise Debt Ceiling\">raise short-term borrowing costs<\/a> for taxpayers, and negatively impact the credit rating of the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>critical for Congress to raise the debt ceiling to avoid a potential default on our nation&#8217;s debt. Unfortunately, it seems that we are now on track to hit that deadline as early as June 1,&#8221; warned Treasury Secretary Janet Yellen in a recent announcement. The political bickering between Republicans and Democrats has put the country&#8217;s financial stability at risk, and urgent action is needed to prevent a catastrophic default. The clock is ticking, and the stakes couldn&#8217;t be higher. Will our leaders rise to the occasion and do what&#8217;s necessary to protect our economy? Only time will tell.<\/p>\n","protected":false},"author":1588,"featured_media":1922431,"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":[541],"tags":[5487,15651,13148,3633,5286],"class_list":["post-1922430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-debt","tag-default","tag-june","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\/1922430","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\/1588"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1922430"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1922430\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1922431"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1922430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1922430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1922430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}