{"id":572118,"date":"2021-06-23T17:07:15","date_gmt":"2021-06-23T21:07:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=572118"},"modified":"2021-06-23T17:07:25","modified_gmt":"2021-06-23T21:07:25","slug":"treasury-secretary-yellen-pleads-with-congress-to-raise-federal-debt-limit-still-supports-bidens-6-trillion-budget","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/treasury-secretary-yellen-pleads-with-congress-to-raise-federal-debt-limit-still-supports-bidens-6-trillion-budget\/","title":{"rendered":"Treasury Secretary Yellen Pleads With Congress To Raise Federal Debt Limit, Still Supports Biden\u2019s $6 Trillion Budget"},"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\">34<\/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%2Ftreasury-secretary-yellen-pleads-with-congress-to-raise-federal-debt-limit-still-supports-bidens-6-trillion-budget%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=572118&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--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-259.jpeg\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>During a Senate testimony on her department\u2019s budget, Treasury Secretary Janet Yellen warned that the United States government will default on its debt unless Congress raises the debt ceiling.<\/span><\/p>\n<p><span>On Wednesday afternoon, Yellen <\/span><a href=\"https:\/\/thehill.com\/policy\/finance\/559903-yellen-pleads-with-congress-to-raise-debt-ceiling-avoid-unthinkable-default\"><span>warned<\/span><\/a><span> that \u201cabsolutely catastrophic economic consequences\u201d would emerge if lawmakers do not modify the legal cap on how much debt the federal government can owe.<\/span><\/p>\n<p><span>\u201cI believe it would precipitate a financial crisis, it would threaten the jobs and savings of Americans, and at a time when we\u2019re still recovering from the COVID pandemic,\u201d said Yellen, as quoted by The Hill. \u201cI would plead with Congress simply to protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.\u201d<\/span><\/p>\n<p><span>\u201cWe can\u2019t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It\u2019s possible that we could reach that point,\u201d she continued.<\/span><\/p>\n<p><span>Congressional Republicans are taking the opportunity to restrict President Biden\u2019s spending and enact fiscal reform.<\/span><\/p>\n<p><span>As Rep. Jim Banks (R-IN) <\/span><a href=\"https:\/\/thehill.com\/policy\/finance\/559218-congress-barrels-toward-debt-cliff\"><span>wrote<\/span><\/a><span> to his colleagues on the House Republican Study Committee: \u201cGiven the worsening fiscal outlook for the federal government and at least three-and-a-half more years of President Biden proposing trillions and trillions of dollars of deficit-financed spending, it is more important than ever for conservatives to reclaim the debt limit as a tool to highlight and force action on our nation\u2019s spending problem.\u201d<\/span><\/p>\n<p><span>In the Senate, Republican lawmakers do not currently expect that their colleagues will provide the necessary ten votes to join with Democrats in raising the debt limit.<\/span><\/p>\n<p><span>Yellen \u2014 who served as Federal Reserve Chair from 2014 to 2018 \u2014 recently <\/span><a href=\"https:\/\/www.dailywire.com\/news\/despite-skyrocketing-inflation-janet-yellen-will-keep-pushing-for-biden-spending-agenda\"><span>confirmed<\/span><\/a><span> that she will continue to push for President Biden\u2019s spending agenda. Over the past six months, the White House introduced the <\/span><a href=\"https:\/\/www.dailywire.com\/news\/nonpartisan-economists-say-bidens-infrastructure-plan-will-decrease-economic-growth\"><span>American Jobs Plan<\/span><\/a><span>, the <\/span><a href=\"https:\/\/www.dailywire.com\/news\/bidens-american-families-plan-is-far-from-a-new-deal-economic-boon\"><span>American Families Plan<\/span><\/a><span>, and the already-passed <\/span><a href=\"https:\/\/www.dailywire.com\/news\/comparing-trump-and-bidens-covid-relief-bills\"><span>American Rescue Plan<\/span><\/a><span>. The President\u2019s <\/span><a href=\"https:\/\/www.dailywire.com\/news\/5-things-you-need-to-know-about-bidens-latest-budget-proposal\"><span>budget<\/span><\/a><span> for fiscal year 2022 \u2014 which would include the former two packages \u2014 amounts to $6 trillion in spending.<\/span><\/p>\n<p><span>Beyond the issue of federal debt, Yellen \u2014 <\/span><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0241\"><span>emphasizing<\/span><\/a><span> the Treasury Department\u2019s management of COVID-19 stimulus \u2014 asked Congress for more funding:<\/span><\/p>\n<blockquote readability=\"15\">\n<p><i><span>Not accounting for inflation, our annual budget is still at the same enacted level as 2010, and critical policy offices <\/span><\/i><b><i>\u2014 <\/i><\/b><i><span>like Domestic Finance, Economic Policy, and Tax Policy <\/span><\/i><b><i>\u2014 <\/i><\/b><i><span>have seen their budgets cut by as much as 20 percent since 2016.<\/span><\/i><\/p>\n<p><i><span>Our team has done valiant work implementing these programs with the resources at our disposal. But we cannot continue to be good stewards of this recovery <\/span><\/i><b><i>\u2014<\/i><\/b><i><span> and tackle the new bodies of work that Congress assigns to us in the years beyond <\/span><\/i><b><i>\u2014 <\/i><\/b><i><span>with a budget that was designed for 2010.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Yellen also denounced ProPublica\u2019s illegal release of twenty-five American billionaires\u2019 tax returns:<\/span><\/p>\n<blockquote readability=\"11\">\n<p><i><span>It is important to stress that unauthorized disclosure of taxpayer information is a crime, and that it has been referred to the FBI, federal prosecutors, and Treasury Department oversight authorities. We don\u2019t yet know what occurred \u2014 but all is being done to get to the bottom of this criminal activity. And we will be sure to update you as we learn more.<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>The ProPublica report \u2014 beyond <\/span><a href=\"https:\/\/www.dailywire.com\/news\/propublicas-story-about-billionaires-allegedly-not-paying-enough-taxes-ignored-websites-major-donors\"><span>ignoring<\/span><\/a><span> its own major donors \u2014 failed to mention that the highest-earning Americans provide the <\/span><a href=\"https:\/\/www.dailywire.com\/news\/fact-check-do-the-rich-really-pay-no-taxes\"><span>majority<\/span><\/a><span> of federal revenue. Meanwhile, one-third of Americans pay no federal income taxes.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>During a Senate testimony on her department\u2019s budget, Treasury Secretary Janet Yellen warned that the United States government will default on its debt unless Congress raises the debt ceiling.On Wednesday &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2281150,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-259.jpeg","fifu_image_alt":"Treasury Secretary Yellen Pleads With Congress To Raise Federal Debt Limit, Still Supports Biden\u2019s $6 Trillion Budget","footnotes":""},"categories":[],"tags":[],"class_list":["post-572118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-259.jpeg","fifu_image_alt":"Treasury Secretary Yellen Pleads With Congress To Raise Federal Debt Limit, Still Supports Biden\u2019s $6 Trillion Budget","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/572118","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=572118"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/572118\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2281150"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=572118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=572118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=572118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}