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2021-06-24

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

WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday warned Congress that the Uni

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

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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>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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.\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,"tweetType":1,"viewCount":429,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}