Yellen has cautioned that the U.S. will not be able to fulfill its outstanding financial obligations beyond June 1 unless Congress approves new treasury borrowing authority. Crafting a bill that can secure the support of House Republicans and President Biden poses a significant challenge.
President Biden says he’s working to calm fears about growing chaos in the banking industry. “Americans can rest assured that our banking system is safe.
The Treasury secretary is urging Congress to raise the debt limit without conditions. During a House hearing, Secretary Janet Yellen said a default on the