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Yellen Urges Congress To Protect Full Faith And Credit Of United States


US Treasury Secretary Janet Yellen has written a letter to House Speaker Kevin McCarthy (R-CA) urging the Republican leader to "act promptly" to avoid a US government default.

  • Yellen identifies June 5 as the date when "extraordinary measures" enacted by the Treasury are expected to expire.
  • Yellen: "I respectfully urge Congress to act promptly to protect the full faith and credit of the United States."
  • President Biden is shortly due to host Democrat Congressional leadership at the White House to discuss pathways to resolve the standoff.
  • Senate Majority Leader Chuck Schumer (D-NY), in a Senate speech yesterday, accused "MAGA Republicans" of "brinksmanship", "hostage taking," and risking a default."
  • There is no sign of the White House or Congressional Democrats signaling an intention to sit down with Republicans to work on a compromise.
  • Schumer instead challenged Republicans to release their plan for avoiding a default, arguing a plan to cut social spending would be “deeply unpopular with the American people.”
  • Democrat Leader Hakeem Jeffries (D-NY) said: "Right-wing extremists stuck Americans with trillions of dollars in debt on failed wars and tax cuts for the super wealthy. We will not be lectured about fiscal responsibility by this crowd."

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