Americans and the world are watching with concern the negotiating brinkmanship that could throw the U.S. economy into chaos and sap world confidence in the nation’s leadership
The Treasury Secretary’s comments come as Congress breaks for the three-day Memorial Day weekend, and as tensions build over whether a deal between the White House and Republicans in Congress will be struck in time
The rating agency Fitch has put the nation’s credit on ‘Rating Watch Negative,’ which amounts to a warning that it might downgrade the nations’ credit as a result of the debt ceiling impasse
Republicans are insisting on spending cuts in exchange for raising the debt limit, while Biden says the GOP lawmakers will have to back off their “extreme positions”
The United States could run out of money to pay its bills as soon as June 1 if no deal is reached to raise the debt limit
President Joe Biden has said recouping unspent coronavirus money is “on the table” in budget talks with Congress
“That’s no way to govern,” the Republican leader has said. The White House “does not have a plan B,” he added
The president and the House speaker will meet today to discuss the standoff, which, according to a White House report, is already taking a toll on the nation’s economy
In a TV interview Sunday, the US Treasury Secretary didn’t rule out President Joe Biden acting on his own to try to avert a first-ever federal default
The Treasury Secretary, a far-seeing and meticulous woman, faces the looming threat of the United States government defaulting on its debt
In a letter Monday to House and Senate leaders, Yellen urged Congressional leaders “to protect the full faith and credit of the United States by acting as soon as possible”
The public push is part of a larger effort by the Biden administration to safeguard the U.S. economy and ensure that individual bank failures can be contained without triggering a chain reaction across the wider financial system
The Biden administration is already pursuing regulations to establish a new database on small business ownership
Perhaps no treasury secretary has arrived with such an ample resume. All of her know-how was put to a severe test as she worked to assure multiple constituencies, including financial markets, balky Republicans in Congress and President Joe Biden’s White House economic team
She added that additional rescue arrangements ‘could be warranted’ if any new failures at smaller institutions pose a risk to financial stability
The Biden administration says additional spending would improve kids’ lives, increase quality of early childhood schooling and enable more women to hold jobs
How is the response being paid for? Will Americans end up footing the bill for bank failures? Is this a bailout?
The anxiety this week centered on First Republic Bank in San Francisco, which was once the envy of the banking sector, with its wealthy and well-traveled clientele
The effort seeks to stop the California-based bank from becoming the third bank to fail in less than a week. Shares of First Republic had fallen sharply this week, dropping 60% on Monday alone
Yellen is the first Biden administration official to face lawmakers over the decision to protect uninsured money at two failed regional banks in California and New York
Federal Deposit Insurance Corp. officials told Republican senators Monday that they received offers for the bank over the weekend but didn’t have time to close
The Treasury Department, Federal Reserve and FDIC said Sunday that all Silicon Valley Bank clients will be protected
The US has provided nearly $50 billion in security, economic and humanitarian assistance and announced another multibillion dollar package to boost the country’s economy.
The first day of the meeting took place on the anniversary of Russia’s invasion of Ukraine
The action seeks to punish 250 people and firms and puts financial blocks on banks, arms dealers and technology companies tied to weapons production
The first lady will highlight issues around empowering women and young people and food insecurity in the Horn of Africa
The economist gran into criticism last year for seeming, in comments at a conference, to doubt the science that says the burning of fossil fuels causes global warming