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BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

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.

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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

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