Yellen-We're Working Full Time w/Congress To Raise Debt Ceiling

Speaking to Bloomberg TV, US Treasury Secretary Janet Yellen states that the Biden administration is "Working full time with Congress to raise the debt ceiling." Yellen: "If Congress fails to raise the debt ceiling we face financial and economic catastrophe."

• Yellen: "I will update Congress on any change in date when the Treasury will run out of money to pay government's debts." Says there is "still some uncertainty" over the precise date the US will run out of cash.
• States that she will be meeting with senior bankers on the debt ceiling next week, adding that it is 'appropriate' for Wall Street execs to speak out about how debt ceiling debate is affecting the economy.
• On China Yellen states that 'We have concerns with some trade practices that China has engaged in." Adds that she still expects to visit China, but that the sequencing of visits by senior US officials needs to be appropriate.
• On her tenure, Yellen states that she would like to remain at the Treasury until the end of President Biden's first term.
• Yellen is in the midst of the G7 finance ministers and central bank governors' meeting in Japan ahead of the G7 leaders' summit later in the month. The debt ceiling issue now overshadowing any other subject of talks at this weekend's summit.