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Yellen Warns Again US Could Run Out of Cash by June 1
Posted
May 15, 2023
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1,073
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May 15, 2023
1,073
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1:09Now PlayingTreasury Secretary Janet Yellen warned that the US is already paying a price for its failure to raise the federal debt limit, as talks between the White House and lawmakers from both parties continued into a second week.
“We have already seen Treasury’s borrowing costs increase substantially for securities maturing in early June,” Yellen said in a letter to congressional leaders Monday. That’s the time period by when the Treasury risks running out of sufficient cash for all federal obligations.
The Treasury released the letter hours after House Speaker Kevin McCarthy said, “We are nowhere near reaching a conclusion” in the talks to raise the debt ceiling. Republicans are insisting on sweeping spending cuts as a condition for the bill. Democrats are proposing other fiscal-tightening steps that the GOP rejects, while insisting that budget measures be kept separate.
McCarthy emphasized that staff-level meetings are “not productive at all,” a day before he’s expected to join other congressional leaders in another meeting with President Joe Biden at the White House.
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