Janet Yellen

Debt limit deal hits turbulence in Congress as leaders prep for vote

BY: and - May 30, 2023

WASHINGTON — Congress began moving the bipartisan debt limit package forward Tuesday, though frustrations with provisions in the bill could make for narrow passage in the U.S. House and U.S. Senate. Conservative Republicans and progressive Democrats both aired their disappointment with the agreement forged over the weekend, but only GOP lawmakers are looking to possibly […]

U.S. House Speaker Kevin McCarthy, a California Republican, speaks with reporters about debt limit and government spending negations inside the Capitol on Tuesday, May 23, 2023. (Jennifer Shutt/States Newsroom)

Progressives try to persuade Biden to use the 14th Amendment to resolve debt crisis 

BY: - May 23, 2023

WASHINGTON — Progressives are pushing hard for President Joe Biden to take the unprecedented step of invoking the 14th Amendment as a way to avoid financial calamity if the White House and House Speaker Kevin McCarthy do not strike a deal on the debt ceiling in the coming days. The lawmakers and legal scholars argue […]

Bipartisan group projects U.S. default as soon as early June, citing ‘quite low’ cash flows

BY: - May 9, 2023

WASHINGTON — The U.S. government could default as soon as next month if Congress and the Biden administration can’t reach a debt limit agreement before then, according to a new analysis from the Bipartisan Policy Center.  The updated guidance, which puts the default window between early June and early August, adds pressure to President Joe […]

U.S. default could begin June 8 without agreement, top economist tells Congress

BY: - May 4, 2023

WASHINGTON — Unless Congress can strike a deal, the U.S. Treasury will likely default on the nation’s bills starting June 8, triggering major consequences for the economy, according to Mark Zandi of Moody’s Analytics. The risk assessment organization’s chief economist testified before the U.S. Senate Committee on the Budget Thursday and urged lawmakers to suspend […]

Treasury Secretary Janet Yellen gives a speech on the economy at Fords Rouge Electric Vehicle Center on September 8, 2022 in Dearborn, Michigan.

U.S. could default as early as June 1, Yellen warns Congress

BY: - May 1, 2023

WASHINGTON — U.S. Treasury Secretary Janet Yellen warned Monday that the U.S. could default in as soon as one month if Congress does not act to raise the nation’s borrowing limit — a prediction that prompted President Joe Biden to call a meeting with congressional leaders next week. In a letter to lawmakers, Yellen wrote […]

Silicon Valley Bank

White House calls on financial regulators to bring back safeguards for regional banks

BY: - March 30, 2023

WASHINGTON —  The Biden administration, placing blame on Trump-era rollbacks, Thursday called on federal banking regulators to reinstate safeguards for regional banks after the record-setting collapse of Silicon Valley Bank and Signature Bank of New York earlier this month. The White House wants the agencies to revive regular stress testing at banks in the $100- […]

The exterior of First Republic Bank

Regulators end week like they started — tamping down fears, rescuing a bank

BY: - March 17, 2023

Financial regulators, policymakers, and bank executives spent the week trying to abate fears that a banking crisis will spread across the U.S. financial system.  On Friday, President Joe Biden released a statement calling on Congress to take action to make it easier for regulators to hold senior bank executives accountable for their mismanagement.  “It should […]

A security officer stands outside the Federal Reserve building in Washington, D.C.

Silicon Valley Bank’s collapse differs from our last financial crisis

BY: - March 13, 2023

After the largest U.S. bank failure in more than a decade, regional bank stocks plunged on Monday as the federal government — with the 2007-2008 financial crisis still a fresh memory for many — rushed to reassure Americans that the U.S. banking system was stable. President Joe Biden told Americans that the risks taken on by failed […]