Treasury Secretary Janet Yellen on Friday estimated the new date when the country will reach the debt ceiling is June 5. “Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5,” […]
Tag: Yellen
Looming Debt ceiling deadline causing concern
The deadlock between Democrats and Republicans over raising the debt ceiling has gone on for months, and the stakes could not be higher. If an agreement is not reached by as soon as 1 June, the United States could default on its bond payments and other obligations, with potentially catastrophic implications for the economy. There […]
The U.S. will hit its debt ceiling within days
Hitting the national debt ceiling is a major worry for Washington right now. On Friday, Treasury Secretary Janet Yellen warned that the U.S. is on track to reach the debt limit, or the cap on how much money the federal government can borrow, by Thursday. The ceiling was last raised by $2.5 trillion in December […]
Inflation & higher gas prices remain a ‘risk’ says Yellen
Treasury Secretary Janet Yellen said Sunday that there is a “risk” that US gas prices could rise again later this year, as fears grow over the possibility that Americans’ wallets could be strained by a spike in prices similar to the one seen this summer. “Well, it’s a risk. And it’s a risk that we’re […]
White House & Yellen change definition of recession
The White House Council of Economic Advisers said on July 21 that even if Friday’s advance estimate of the country’s GDP is negative, it’s still “unlikely” to be indicative that the country is in a recession. Recessions refer to two consecutive quarters of negative economic growth. In a blog post, the council of economic advisers […]
Yellen Says Rate Hikes Will Slow As Inflation Stays Low
The Federal Reserve could scale back on its expected pace of interest rate hikes if inflation continues to be soft, Chair Janet Yellen told Congress. Under questioning over why the central bank remains committed to normalizing policy even as price and wage pressures remain muted, Yellen said the Fed is aware of the softness in […]