Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian official urges world to force 'Israel' to comply with ICJ ruling: AFP
Israeli media says Knesset approved bill to annex in West Bank in preliminary reading
Kremlin: As part of strategic nuclear force exercise, Cruiser Bryansk launched Sineva ballistic missile from Barents Sea.
Kremlin: Yars Intercontinental Ballistic Missile launched from Plesetsk Cosmodrome at Kura test site in Kamchatka.
Kremlin: Strategic nuclear forces exercise took place under Putin's leadership.
Lebanese MP Imad Al-Hout, following his meeting with the Grand Mufti of the Republic: Lebanon is the last country to move toward peace and normalization [with "Israel"]
Al Mayadeen's correspondent in South Lebanon: One martyr reported in Israeli drone strike targeting motorcycle in Ain Qana.
Israeli media: Sirens sound in Nahal Oz settlement in Gaza Envelope.
Syria: Local sources report that General Security forces targeted the camp of French fighters from the 'al-Ghuraba division' in the Idlib countryside with mortar and tank shells.
Syria: Local sources report a general military mobilization of foreign fighters in Idlib following armed clashes in the “French Camp” in the Idlib countryside.

US has until June 5 to act on debt ceiling, says treasury chief

  • By Al Mayadeen English
  • Source: News Websites
  • 27 May 2023 08:56
3 Min Read

The US is at risk of a potential default if it does not reach an agreement about its debt ceiling.

  • x
  • US Treasury Secretary Janet Yellen speaks during a meeting with Japan's Finance Minister Shunichi Suzuki at the G7 Finance Ministers and Central Bank Governors' Meeting at the Toki Messe convention center in Niigata, Japan, May 13, 2023 (AP)
    US Treasury Secretary Janet Yellen speaks during a meeting with Japan's Finance Minister Shunichi Suzuki at the G7 Finance Ministers and Central Bank Governors' Meeting at the Toki Messe convention center in Niigata, Japan, May 13, 2023 (AP)

US Treasury Secretary Janet Yellen stated in a letter on Friday afternoon that the United States has a few more days than anticipated before it runs out of money.

Yellen gave a firm date for the first time, saying that June 5 is the new deadline to take action or risk going over the debt ceiling. She was less precise previously, indicating that the breach may happen "potentially as early as June 1."

The Treasury hit the borrowing limit in January, and since then, it has been taking "extreme measures" to pay its debt.

Yellen told Congressional leaders that "Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5."

The United States is rapidly closing in on total financial chaos, as the two ruling parties have failed so far to reach a borrowing ceiling consensus.

Related News

Majority of Americans support recognizing Palestinian state

UN expert warns welfare cuts fueling global far-right rise: WP

The debate over raising the debt ceiling has become an annual occurrence; however, this year, Congress is in a race against time while Republicans and Democrats are yet to agree on the terms.

US House Speaker Kevin McCarthy and President Joe Biden said Monday in their first one-on-one talks in months to avoid a calamitous debt default were "productive", but disagreements were still blocking any possible deal.

The two parties have been settling their disagreements about expenditure caps. But according to two individuals involved with the negotiations, the Republican desire to impose stricter work requirements for Americans receiving federal benefits like SNAP, the Supplemental Nutrition Assistance Program, is a key sticking point.

Rep. Garret Graves, one of the top negotiators for House Republicans, stated that the sides are having "a very candid conversation about how we're going to move forward — if we're going to be able to come together, and ultimately get an agreement."

The two sides are also debating revising permits for infrastructure and energy projects as part of an accord and withdrawing unutilized Covid relief money.

Yellen noted that waiting until the last minute "to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States," adding that if Congress fails to increase the debt limit, "severe hardship" would befall American families and harm the US' position worldwide.

  • United States
  • Kevin McCarthy
  • Joe Biden
  • Janet Yellen
  • US Treasury
  • US Treasury Secretary
  • US debt ceiling
  • US debt default

Most Read

Yemeni Armed Forces Chief of Staff Major General Mohammad Abd al-Karim al-Ghamari , during a ceremony in an undisclosed locations in Yemen, undate (Yemeni Military Media)

Yemeni Armed Forces mourn martyred Chief of Staff al-Ghamari

  • Politics
  • 16 Oct 2025
From previous scenes of the Qassam Brigades targeting an Israeli D9 bulldozer with a Yassin 105 shell, east of Deir al-Balah. (Military Media of the Qassam Brigades)

US knew fatal Rafah blast cause was not Hamas op., says journalist

  • Politics
  • 20 Oct 2025
Smoke and fire rises after 'Israel' launched airstrikes on the village of Ansar, Lebanon, October 16, 2025 (social media)

'Israel' launches two waves of brutal strikes on east, south Lebanon

  • Politics
  • 16 Oct 2025
A woman with her purchased groceries walks out from an underground market, in Beijing, Wednesday, August 6, 2025. (AP Photo/Andy Wong)

Global brands in China face pressure from rising local rivals

  • Economy
  • 17 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Nearly half of attacks in occupied al-Quds target Armenian Christians
Politics

Nearly half of attacks in occupied al-Quds target Armenian Christians

Greece rocked by EU farm subsidy scandal as dozens arrested
Economy

Greece rocked by EU farm subsidy scandal as dozens arrested

Netherlands holds talks with China after Beijing curbs Nexperia export.
Technology

Netherlands holds talks with China after Nexperia export's curb

Trump said to demand DOJ pay him $230 million for past cases: NYT
Politics

Trump said to demand DOJ pay him $230 mln for past cases: NYT

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS