The Washington standoff over raising the debt ceiling has raised economic concerns on a global basis. Treasury Secretary Janet Yellen again warned on Monday that a U.S. default could come as early as June 1st. Her dire warning is also confirmed by projections of both the Bipartisan Policy Center and the Congressional Budget Office.
President Biden announced his plans to cut short his upcoming trip to Asia. Although he will still attend the G7 meeting in Japan he will return immediately after that rather than going to Papa New Guinea and Australia. This could be the root cause of the upbeat and optimistic tone and statements that occurred immediately following the conclusion of the second debt ceiling meeting by all sides.
One piece of fresh news came with the acknowledgment that the only way to resolve the debt ceiling crisis was through bipartisan negotiation to create legislation rather than partisan bills such as the one passed by Congress a few weeks ago. Shortly after the one-hour meeting, House Speaker Kevin McCarthy spoke to reporters stating that both he and the president have agreed to designate people to represent the White House in direct negotiations with his team.
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