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- US Treasury Secretary Yellen: Failure by Congress to act on debt ceiling could trigger “constitutional crisis”
US Treasury Secretary Yellen: Failure by Congress to act on debt ceiling could trigger “constitutional crisis”
“US Treasury Secretary Janet Yellen on Sunday issued a stark warning that a failure by Congress to act on the debt ceiling could trigger a "constitutional crisis" that also would call into question the federal government's creditworthiness,” per Reuters.
The news also mentions that Yellen sounded the alarm over possible financial market consequences if the debt ceiling is not raised by early June, when she said the federal government could run short of cash to pay its bills.
It should be noted that US Treasury Secretary Janet Yellen spoke at the ABC program "This Week."
Additional comments
It's Congress's job to do this. If they fail to do it, we will have an economic and financial catastrophe that will be of our own making.
And we should not get to the point where we need to consider whether the president can go on issuing debt.
This would be a constitutional crisis alluding the delineation of powers of the executive and legislature under the US Constitution.
Also on the subject
Apart from US Treasury Secretary Yellen’s comments, Reuters also mentioned that US President Joe Biden is preparing to meet on Tuesday at the White House with Republican House Speaker Kevin McCarthy, Republican Senate Minority Leader Mitch McConnell and top congressional Democrats to discuss the issue.
“A group of 43 Senate Republicans on Saturday said they oppose voting on a bill that only raises the U.S. debt ceiling without tackling other priorities, showing they could block such a plan by Democrats,” adds the news.
Also read: EUR/USD grinds higher past 1.1000 with eyes on US inflation, banking report
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