Bloomberg News
@Bloomberg-News·2.8M subscribers·40.1K videos
Yellen Warns Congress Treasury May Run Out of Cash by June
Posted
May 1, 2023
Views
9,120
Likes
150
Comments
98
Engagement
2.72%
Search the Record
IndexedEvery word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
YouTube Description
as posted by the channelTreasury Secretary Janet Yellen told US lawmakers that her department’s ability to use special accounting maneuvers to stay within the federal debt limit could be exhausted as soon as the start of June.
“Our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1,” Yellen said in a letter to Speaker Kevin McCarthy and other congressional leaders from both parties. Given that revenue and spending flows are variable, “the actual date that Treasury exhausts extraordinary measures could be a number of weeks later than these estimates,” she wrote.
Since hitting the current statutory limit of $31.4 trillion in January, the Treasury has been staving off a possible default on federal obligations by using special accounting maneuvers. Yellen’s new timeline reflects the department’s latest thinking on when that headroom is likely to be exhausted.
--------
Subscribe to our YouTube channel
Subscribe to Bloomberg Originals
Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
Connect with us on…
Breaking News on YouTube
Guests & Subjects Covered
Treasury Secretary Janet YellenJune OurSpeaker Kevin McCarthyBloomberg Originals Bloomberg QuicktakeYouTube Breaking NewsYouTube Twitter Facebook Instagram
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.