US Treasury Secretary Announces Possible Default Within 2 Weeks
(Baonghean.vn) - US Treasury Secretary Janet Yellen announced that within the next 2 weeks she will notify Congress about the possible time of default, as reported by Bloomberg.
Ms. Yellen had previously warned that without a decision on the public debt, the government could not continue to meet all its obligations by June 1. "I don't want to be specific about when we'll update... but there's no doubt it will be in the next few weeks," Ms. Yellen said in an interview with Bloomberg.
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| US Treasury Secretary Janet Yellen. Photo: AP |
In another development, White House National Security Council Coordinator for Strategic Communications John Kirby said that even in the event of a default, the US government will maintain its ability to support Ukraine until the end of the current fiscal year through the use of funds allocated by Congress.
“Our support for Ukraine is based on the appropriations passed by Congress last year. We are still using those funds and hope to continue to do so through the end of the current fiscal year,” Kirby said at a press conference.
This week, US President Joe Biden said that a possible US debt default would cause problems for the whole world. In such a case, the US economy "would slide into recession, our credibility in the world would be severely damaged." The White House is asking Congress to raise the debt ceiling without any strings attached. The House of Representatives, controlled by the Republican opposition, is linking the move to budget cuts./.
