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Free AccessYellen 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."
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.