2023-05-09 04:38:00
Archyde.com news agency (Archyde.com) reports the statement of two news sources in the US Treasury Department today (9 May ’23) that Janet Yellen (Janet Yellen) MinisterMinistry of FinanceTry to reach out to business people and financial leaders to explain. “Economic catastrophe” that may happen to the country If the government does not increase the public debt ceiling
One Archyde.com Treasury source reiterated: “The minister is in the middle of negotiations. “Face to face” with the CEOs of companies To warn of the danger that will occur if a default occurs.
Both news sources It declined to name the CEOs Yellen spoke to. Including refusing to provide details in the conversation. But one of the news sources stated that there wasManagement group in the financial sector and sectors related to the broader economy as well
However, although the two sources did not provide much information regarding the purpose and details of Yellen’s conversations, the administration of Yellen in recent timesJoe Biden (Joe Biden) has scheduled talks with business owners regarding wanting to “push” Republicans to raise the debt ceiling unconditionally.
Archyde.com reported that Janet Yale had postponed her planned trip to Japan this week for a meeting of G7 finance ministers to discuss the US debt ceiling crisis. now In the news program of > (>), stating that if not moving up the debt ceiling may cause “Constitutional Crisis” (A Constitutional Crisis)
Yellen will travel to Japan this week. Then a press conference was held on Thursday in Niigata. Japan before the G7 meeting
“Talking regarding the issue of increasing the debt ceiling It shouldn’t happen like a gun to Americans’ heads,” Yelen said, referring to Republican members of the House of Representatives’ insistence on not raising the debt ceiling until next month’s budget cuts. Democratic Party policy.
Biden confirmed that CongressThere is a constitutional duty to increase the debt ceiling unconditionally. The debt ceiling reflects previous government spending.
with Biden talking to Kevin McCarthy (Kevin McCarthy) Speaker of the House of Representatives from the Republican Party on Tuesday, includingMitch McConnell (Mitch McConnell) Senate Minority Leader and top Democrats in Congress. It is in the process of trying to push for an increase in the debt ceiling by June 1, 2023.
Last week, Yellen told lawmakers: The Ministry of Finance seems to be unable to pay. “Total government debt” by June 1 without increasing the federal debt limit.
Yellen, a number of economists and other analysts came out to warn many times that US debt default will result in the publiclose a jobmillions of people at the same time resulting inhome loan car loans andcredit cardhigher as well
The Archyde.com analysis concludes that the nature of US borrowing is different from the nature of borrowing in many developed countries. Because the United States imposes a strict loan limit. Because the central government usually “Spending more than earning money” Therefore, if wanting to spend more budget, MPs have to make requests to increase the debt ceiling from time to time.
CNBC news agency (CNBC) said economists with political views consistent with both parties agree that Even if the default is only a short period of time, it will send “Vibration” go to the stock market and causing interest rates to rise once more
by Mark Zandi, economist Moody’s Investment Service (Moody’s Investment Service), the world’s leading credit rating agency. Said during a Senate hearing in March that
“If there is a default on debt payment Short-term Funding Markets, which are essential to the flow of credit. That helps support economic activities in everyday life. It is likely to close as well.”
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