Yellen: Still uncertainty about when Treasury will run out of cash

 
INA-sources
 
Treasury Secretary Janet Yellen said there was still uncertainty about exactly when Treasury would run out of cash to pay U.S. government debts, but she would keep Congress apprised of any change in the date, which could come as early as June 1.
 
Speaking on the sidelines of Group of Seven (G7) finance officials meeting in Japan, Yellen told Bloomberg TV that the Biden administration was working around the clock to avert the economic upheaval that would be triggered if Congress failed to raise the $31.4 trillion debt limit.
 
She said she had discussed the issue with business leaders in recent weeks and would meet next week with senior Wall Street bankers about the possibility that Washington could default on its debt for the first time since 1789.
 
“Our focus is on making sure that Congress does raise the debt ceiling. I feel that’s something we’re going to succeed in doing, and we’re working hard to make sure that that gets done.”
 
She viewed it as appropriate for Wall Street leaders and business owners to speak out about how the debate over the debt limit was affecting the U.S. economy and the global economy, causing “a grave level of uncertainty.”
 
World Bank President David Malpass
 
Told Reuters the risk of a U.S. default was adding to problems facing the slowing global economy, with rising interest rates and high debt levels choking back investments needed to fuel higher output.
 
Source: Reuters