{"id":1935389,"date":"2023-05-22T03:10:23","date_gmt":"2023-05-22T07:10:23","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-federal-government-likely-wont-pay-all-of-its-bills-by-next-month\/"},"modified":"2023-05-22T03:12:47","modified_gmt":"2023-05-22T07:12:47","slug":"yellen-warns-federal-government-likely-wont-pay-all-of-its-bills-by-next-month","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-federal-government-likely-wont-pay-all-of-its-bills-by-next-month\/","title":{"rendered":"Yellen warns government may not pay all bills next month."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><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-federal-government-likely-wont-pay-all-of-its-bills-by-next-month%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=1935389&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>U.S. Treasury Secretary Warns of Impending Debt Crisis<\/h2>\n<h3>Janet Yellen Urges Action to Avoid Default<\/h3>\n<p>U.S. Treasury Secretary Janet Yellen has issued a warning that the federal government may not be able to pay all its bills before June 15, highlighting the urgent need to resolve the standoff between the White House and House Republicans over raising the debt ceiling. Speaking on NBC&#8217;s &#8220;Meet the Press,&#8221; Yellen emphasized the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-federal-government-likely-wont-pay-all-of-its-bills-by-next-month\/\" title=\"Yellen warns government may not pay all bills next month.\">uncertainty surrounding tax receipts<\/a> and spending, stating that the odds of being able to pay all bills by June 15 are &#8220;quite low.&#8221;<\/p>\n<p>If the $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> is not raised before the Treasury runs out of cash, hard choices will have to be made about payments to Americans. With less than two weeks until June 1, the Treasury Department has warned that the federal government could default on its debts, causing chaos in financial markets and spiking interest rates.<\/p>\n<h3>President Biden Considers 14th Amendment<\/h3>\n<p>While in Japan, President Joe Biden suggested that he may invoke the 14th Amendment to the U.S. Constitution to raise the debt ceiling without Congress. However, Yellen believes that this <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-republicans-demand-testimony-from-former-prosecutor-who-called-for-trump-charges\/\" title=\"House Republicans Demand Testimony From Former Prosecutor Who Called for Trump Charges\">untested legal theory<\/a> is not appropriate given the legal uncertainty and tight time frame.<\/p>\n<h3>Republicans and Democrats Blame Each Other<\/h3>\n<p>House Speaker Kevin McCarthy (R-Calif.) has stated that he cannot start negotiations until Biden returns from his Asia trip, while both Biden and Republicans have blamed each other for the impasse. McCarthy accused Biden of being willing to default on the debt to appease &#8220;radical socialists,&#8221; while Biden claimed that &#8220;MAGA Republicans&#8221; are pushing extremist policies.<\/p>\n<h3>Hard Choices Ahead<\/h3>\n<p>Yellen reiterated that some bills will not be paid if the United States pushes up against the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/congress-misses-debt-ceiling-deadline-treasury-starts-extraordinary-cash-saving-measures-to-prevent-debt-default\/\" title=\"Congress Misses Debt Ceiling Deadline, Treasury Starts \u2018Extraordinary\u2019 Cash Saving Measures To Prevent Debt Default\">debt ceiling deadline<\/a>, emphasizing the need for action to avoid default. &#8220;There will be hard choices to make if the debt ceiling isn&#8217;t raised,&#8221; she said. <\/p>\n<ul>\n<li>Less than two weeks remain until June 1, when the Treasury Department has warned that the federal government could be unable to pay all its debts.<\/li>\n<li>President Biden suggested he may invoke the 14th Amendment to raise the debt ceiling without Congress.<\/li>\n<li>House Speaker Kevin McCarthy (R-Calif.) accused Biden of being willing to default on the debt to appease &#8220;radical socialists.&#8221;<\/li>\n<li>Yellen reiterated that some bills will not be paid if the United States pushes up against the debt ceiling deadline.<\/li>\n<\/ul>\n<p>It is clear that urgent action is needed to avoid a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/some-democrats-want-to-mint-a-1-trillion-platinum-coin-to-prevent-debt-crisis\/\" title=\"Some Democrats Want To Mint A  Trillion Platinum Coin To Prevent Debt Crisis\">potential debt crisis<\/a>. The consequences of defaulting on debts could be catastrophic for the U.S. economy and financial markets. It is time for both parties to put aside their differences and work together to find a solution.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Treasury Secretary Janet Yellen stated that the federal government cannot pay off all its bills before June 15, emphasizing the need to resolve the deadlock between the White House and House Republicans to raise the debt ceiling. Tax receipts and other factors contribute to the uncertainty.<\/p>\n","protected":false},"author":58,"featured_media":1935390,"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":[3905,5045,7666,5280,3633,5286],"class_list":["post-1935389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-bills","tag-government","tag-month","tag-pay","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\/1935389","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\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1935389"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1935389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1935390"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1935389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1935389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1935389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}