Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike

Reuters2021-06-24

WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers...

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Comments

Tjs
2021-06-24
Tjs
Good read
Pestle
2021-06-24
Pestle
Just another reason to print more money..
Xuanlx
2021-06-24
Xuanlx
It was all
edgetrader
2021-06-24
edgetrader
Keep borrowing
- Benedict_cyh:
  Yes cant wait to see US default their deBt
muscleman
2021-06-24
muscleman
Lol
chongyeetan
2021-06-24
chongyeetan
pls like n comment. ?
- Tjs:
  comment
- Watercloset:
  [Smile]

Leave a comment

121

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It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.</p>\n<p>According to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.</p>\n<p>If the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.</p>\n<p>SEEKING G20 ENDORSEMENT</p>\n<p>Yellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.</p>\n<p>She said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.</p>\n<p>Her comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.</p>\n<p>The Biden administration is seeking a global minimum tax of at least 15%.</p>\n<p>Yellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.</p>\n<p>She added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.</p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 08:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers...</p>\n\n<a href=\"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186470605","content_text":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.\nIn testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”\nYellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.\nAn unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.\n“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”\nThe Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.\nAsked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.\n“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.\nAccording to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.\nIf the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.\nSEEKING G20 ENDORSEMENT\nYellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.\nShe said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.\nHer comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.\nThe Biden administration is seeking a global minimum tax of at least 15%.\nYellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.\nShe added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":128356179,"gmtCreate":1624502955291,"gmtModify":1703838590505,"author":{"id":"3581981444027204","authorId":"3581981444027204","name":"Pestle","avatar":"https://static.tigerbbs.com/04945f4c1d88893d9bf233f4c190098b","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3581981444027204","idStr":"3581981444027204"},"htmlText":"Just another reason to print more money..","listText":"Just another reason to print more money..","text":"Just another reason to print more money..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128356179","repostId":1186470605,"repostType":4,"repost":{"id":"1186470605","pubTimestamp":1624496037,"share":"https://ttm.financial/m/news/1186470605?lang=&edition=fundamental","pubTime":"2021-06-24 08:53","market":"us","language":"en","title":"Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike","url":"https://stock-news.laohu8.com/highlight/detail?id=1186470605","media":"Reuters","summary":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the Uni","content":"<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.</p>\n<p>In testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”</p>\n<p>Yellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.</p>\n<p>An unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.</p>\n<p>“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”</p>\n<p>The Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.</p>\n<p>Asked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.</p>\n<p>“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.</p>\n<p>According to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.</p>\n<p>If the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.</p>\n<p>SEEKING G20 ENDORSEMENT</p>\n<p>Yellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.</p>\n<p>She said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.</p>\n<p>Her comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.</p>\n<p>The Biden administration is seeking a global minimum tax of at least 15%.</p>\n<p>Yellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.</p>\n<p>She added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.</p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 08:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers...</p>\n\n<a href=\"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186470605","content_text":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.\nIn testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”\nYellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.\nAn unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.\n“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”\nThe Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.\nAsked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.\n“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.\nAccording to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.\nIf the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.\nSEEKING G20 ENDORSEMENT\nYellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.\nShe said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.\nHer comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.\nThe Biden administration is seeking a global minimum tax of at least 15%.\nYellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.\nShe added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":128973203,"gmtCreate":1624499759702,"gmtModify":1703838472464,"author":{"id":"3575538899414489","authorId":"3575538899414489","name":"Xuanlx","avatar":"https://static.tigerbbs.com/40e89b303dfec9b3b8b7fe4fc517cff5","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3575538899414489","idStr":"3575538899414489"},"htmlText":"It was all&nbsp;","listText":"It was all&nbsp;","text":"It was all","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128973203","repostId":1186470605,"repostType":4,"repost":{"id":"1186470605","pubTimestamp":1624496037,"share":"https://ttm.financial/m/news/1186470605?lang=&edition=fundamental","pubTime":"2021-06-24 08:53","market":"us","language":"en","title":"Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike","url":"https://stock-news.laohu8.com/highlight/detail?id=1186470605","media":"Reuters","summary":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the Uni","content":"<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.</p>\n<p>In testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”</p>\n<p>Yellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.</p>\n<p>An unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.</p>\n<p>“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”</p>\n<p>The Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.</p>\n<p>Asked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.</p>\n<p>“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.</p>\n<p>According to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.</p>\n<p>If the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.</p>\n<p>SEEKING G20 ENDORSEMENT</p>\n<p>Yellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.</p>\n<p>She said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.</p>\n<p>Her comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.</p>\n<p>The Biden administration is seeking a global minimum tax of at least 15%.</p>\n<p>Yellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.</p>\n<p>She added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.</p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 08:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers...</p>\n\n<a href=\"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186470605","content_text":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.\nIn testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”\nYellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.\nAn unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.\n“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”\nThe Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.\nAsked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.\n“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.\nAccording to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.\nIf the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.\nSEEKING G20 ENDORSEMENT\nYellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.\nShe said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.\nHer comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.\nThe Biden administration is seeking a global minimum tax of at least 15%.\nYellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.\nShe added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":128989359,"gmtCreate":1624498020371,"gmtModify":1703838401307,"author":{"id":"3570751249933438","authorId":"3570751249933438","name":"edgetrader","avatar":"https://static.tigerbbs.com/7d0e920d94a7891f4c6393f3e5510ccc","vip":1,"crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3570751249933438","idStr":"3570751249933438"},"htmlText":"Keep borrowing","listText":"Keep borrowing","text":"Keep borrowing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/128989359","repostId":1186470605,"repostType":4,"repost":{"id":"1186470605","pubTimestamp":1624496037,"share":"https://ttm.financial/m/news/1186470605?lang=&edition=fundamental","pubTime":"2021-06-24 08:53","market":"us","language":"en","title":"Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike","url":"https://stock-news.laohu8.com/highlight/detail?id=1186470605","media":"Reuters","summary":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the Uni","content":"<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.</p>\n<p>In testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”</p>\n<p>Yellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.</p>\n<p>An unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.</p>\n<p>“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”</p>\n<p>The Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.</p>\n<p>Asked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.</p>\n<p>“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.</p>\n<p>According to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.</p>\n<p>If the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.</p>\n<p>SEEKING G20 ENDORSEMENT</p>\n<p>Yellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.</p>\n<p>She said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.</p>\n<p>Her comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.</p>\n<p>The Biden administration is seeking a global minimum tax of at least 15%.</p>\n<p>Yellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.</p>\n<p>She added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.</p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 08:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers...</p>\n\n<a href=\"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186470605","content_text":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.\nIn testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”\nYellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.\nAn unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.\n“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”\nThe Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.\nAsked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.\n“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.\nAccording to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.\nIf the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.\nSEEKING G20 ENDORSEMENT\nYellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.\nShe said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.\nHer comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.\nThe Biden administration is seeking a global minimum tax of at least 15%.\nYellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.\nShe added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4986530,"gmtCreate":1624498575163,"gmtModify":1663229870133,"authorId":3581667328055955,"author":{"id":3581667328055955,"idStr":"3581667328055955","authorId":3581667328055955,"name":"Benedict_cyh","avatar":"https://static.tigerbbs.com/216a5cf2e56f81472309860a063b75a6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":128989359,"type":1,"supId":0,"prevId":0,"content":"Yes cant wait to see US default their deBt ","text":"Yes cant wait to see US default their deBt ","html":"Yes cant wait to see US default their deBt "}],"langContent":"EN"},{"id":128914692,"gmtCreate":1624497956116,"gmtModify":1703838396833,"author":{"id":"3558401226103284","authorId":"3558401226103284","name":"muscleman","avatar":"https://static.itradeup.com/news/a8c803d595c506371387f64d11398413","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3558401226103284","idStr":"3558401226103284"},"htmlText":"Lol","listText":"Lol","text":"Lol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128914692","repostId":1186470605,"repostType":4,"repost":{"id":"1186470605","pubTimestamp":1624496037,"share":"https://ttm.financial/m/news/1186470605?lang=&edition=fundamental","pubTime":"2021-06-24 08:53","market":"us","language":"en","title":"Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike","url":"https://stock-news.laohu8.com/highlight/detail?id=1186470605","media":"Reuters","summary":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the Uni","content":"<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.</p>\n<p>In testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”</p>\n<p>Yellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.</p>\n<p>An unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.</p>\n<p>“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”</p>\n<p>The Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.</p>\n<p>Asked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.</p>\n<p>“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.</p>\n<p>According to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.</p>\n<p>If the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.</p>\n<p>SEEKING G20 ENDORSEMENT</p>\n<p>Yellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.</p>\n<p>She said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.</p>\n<p>Her comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.</p>\n<p>The Biden administration is seeking a global minimum tax of at least 15%.</p>\n<p>Yellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.</p>\n<p>She added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.</p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 08:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers...</p>\n\n<a href=\"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186470605","content_text":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.\nIn testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”\nYellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.\nAn unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.\n“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”\nThe Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.\nAsked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.\n“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.\nAccording to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.\nIf the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.\nSEEKING G20 ENDORSEMENT\nYellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.\nShe said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.\nHer comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.\nThe Biden administration is seeking a global minimum tax of at least 15%.\nYellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.\nShe added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":128911361,"gmtCreate":1624497803953,"gmtModify":1703838388781,"author":{"id":"3573519539005968","authorId":"3573519539005968","name":"chongyeetan","avatar":"https://static.tigerbbs.com/58f6eb6730af7768ad82093944f2351a","vip":1,"hat":"https://static.tigerbbs.com/6444b4970948c1077534c593eccd6d16","crmLevel":6,"crmLevelSwitch":1,"authorIdStr":"3573519539005968","idStr":"3573519539005968"},"htmlText":"pls like n comment. ?","listText":"pls like n comment. ?","text":"pls like n comment. ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/128911361","repostId":1186470605,"repostType":4,"repost":{"id":"1186470605","pubTimestamp":1624496037,"share":"https://ttm.financial/m/news/1186470605?lang=&edition=fundamental","pubTime":"2021-06-24 08:53","market":"us","language":"en","title":"Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike","url":"https://stock-news.laohu8.com/highlight/detail?id=1186470605","media":"Reuters","summary":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the Uni","content":"<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.</p>\n<p>In testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”</p>\n<p>Yellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.</p>\n<p>An unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.</p>\n<p>“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”</p>\n<p>The Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.</p>\n<p>Asked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.</p>\n<p>“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.</p>\n<p>According to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.</p>\n<p>If the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.</p>\n<p>SEEKING G20 ENDORSEMENT</p>\n<p>Yellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.</p>\n<p>She said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.</p>\n<p>Her comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.</p>\n<p>The Biden administration is seeking a global minimum tax of at least 15%.</p>\n<p>Yellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.</p>\n<p>She added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.</p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Yellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYellen warns Congress of 'unthinkable' U.S. default risk without debt limit hike\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 08:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers...</p>\n\n<a href=\"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-treasury-yellen/update-2-yellen-warns-congress-of-unthinkable-u-s-default-risk-without-debt-limit-hike-idUSL2N2O52ES","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186470605","content_text":"WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the United States risks a debt default and a new financial crisis as soon as the August recess if lawmakers fail to act quickly to suspend or raise the federal borrowing limit.\nIn testimony to a Senate Appropriations subcommittee, Yellen said defaulting on U.S. debt obligations would be “unthinkable” and “would have absolutely catastrophic economic consequences.”\nYellen said that to avoid uncertainty for financial markets, Congress should pass new debt limit legislation - allowing the Treasury to continue borrowing - before the latest suspension expires on July 31.\nAn unprecedented default on U.S. government debt obligations “would precipitate a financial crisis, it would threaten the jobs and savings of Americans at a time when we’re still recovering from the COVID pandemic,” Yellen said.\n“I would plead with Congress to simply protect the full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible.”\nThe Treasury in the past has been able to stave off potential default for several months by employing extraordinary cash-flow management measures such as suspending contributions to government employee pension funds.\nAsked how long these measures could last to allow the government to continue borrowing, Yellen said it was difficult to estimate that because spending on COVID-19 relief programs has added more uncertainty to Treasury’s payment flows.\n“We can’t tolerate any chance of defaulting on the government debt, and there is a lot of uncertainty. It’s possible that we could reach that point while Congress is out in August, and I would really urge prompt action on raising the limit or suspending it,” Yellen said.\nAccording to Senate and House of Representatives legislative calendars, the August recess will run from Aug. 9 to Sept. 10 in the Senatehereand July 30 to Sept. 19 in the Househere, with committee work scheduled on several days in early September.\nIf the debt limit prevents Treasury from new borrowing, the government would have to rely only tax receipts to pay obligations, eventually making it impossible to make some debt repayments.\nSEEKING G20 ENDORSEMENT\nYellen told the hearing on the Treasury’s fiscal 2022 budget proposal that Biden administration is hoping to the G20 finance ministers’ endorsement for “the core elements” of its international corporate tax proposals at a meeting next month in Venice, including a global minimum corporate tax.\nShe said the Treasury was working towards an agreement at the G20 meeting that is similar to the G7 wealthy democracies’ endorsement of the U.S. proposal for a 15% corporate minimum tax and a new method of local-market taxation for the largest and most profitable multinational corporations.\nHer comments on the G20 meeting followed a Reuters report on Tuesday that a draft communique being circulated ahead of the July 9-10 gathering indicated the finance leaders would endorse a global minimum tax, although it made no reference to a specific rate.\nThe Biden administration is seeking a global minimum tax of at least 15%.\nYellen also sparred with Republican senators over inflation concerns, sticking to her line that recent spikes in inflation data reflect transitory phenomena, including “supply bottlenecks” in the economy.\nShe added that most measures of inflation expectations remained well anchored, with those exceeding a year out are stable, at around the Federal Reserve’s 2% target.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4990509,"gmtCreate":1624512903661,"gmtModify":1663229891930,"authorId":3585362647544869,"author":{"id":3585362647544869,"idStr":"3585362647544869","authorId":3585362647544869,"name":"Tjs","avatar":"https://static.tigerbbs.com/f297155d3eb2fdd05631b3427342e682","vip":1,"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":128911361,"type":1,"supId":0,"prevId":0,"content":"comment","text":"comment","html":"comment"},{"id":4986618,"gmtCreate":1624498874244,"gmtModify":1663229869335,"authorId":3584092741735483,"author":{"id":3584092741735483,"idStr":"3584092741735483","authorId":3584092741735483,"name":"Watercloset","avatar":"https://static.tigerbbs.com/1d1d0d3c3e687a60e8491fa5601ea354","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":128911361,"type":1,"supId":0,"prevId":0,"content":"[Smile]","text":"[Smile]","html":"[Smile]"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":121,"commentSize":25,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1186470605"}