Sign In  |  Register  |  About Burlingame  |  Contact Us

Burlingame, CA
September 01, 2020 10:18am
7-Day Forecast | Traffic
  • Search Hotels in Burlingame

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Yellen says odds of US paying all its bills by June 15 is ‘quite low’ as debt ceiling deadline looms

With Republicans and Democrats at a standstill on the debt ceiling, Treasury Secretary Janet Yellen said June 1 is a hard deadline for a deal.

U.S. Treasury Secretary Janet Yellen said Sunday that she believes the country’s chances of paying all its bills by June 15 are "quite low" and warned that some bills will go unpaid if Congress fails to raise the debt ceiling.

Yellen made the remarks during an interview on NBC’s "Meet the Press," saying that June 1 remains the hard deadline for Congress to reach an agreement.

"And my assumption is that if the debt ceiling isn't raised, there will be hard choices to make about what bills go unpaid," Yellen said, stopping short of saying which specific bills would go unpaid.

President Biden’s administration and Republicans led by House Speaker Kevin McCarthy are at a standstill over raising the country's borrowing limit, now at $31 trillion, to keep paying the nation’s bills. 

BIDEN DECLARES HIMSELF ‘BLAMELESS’ IF US DEFAULTS ON DEBT: ‘I’VE DONT MY PART'

Negotiations early Friday ended abruptly before the teams reconvened in the evening, only to quickly conclude for the night.

Republicans are demanding steep spending cuts opposed by Democrats, while Democrats insist that Republicans agree to tax hikes on the wealthy, in addition to spending cuts, to close the deficit.

LAWMAKERS SOUND ALARM AS US NATIONAL DEBT CLOCK TICKS: ‘CATASTROPHIC’

With the June deadline approaching, Yellen said it is "not an acceptable situation" for the U.S. to be unable to pay its bills in any scenario.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

"I would say we are focused on raising the debt ceiling and there will be hard choices if that doesn't occur," she said. "There can be no acceptable outcomes if the debt ceiling isn't raised, regardless of what decisions we make."

The Associated Press contributed to this report.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Burlingame.com & California Media Partners, LLC. All rights reserved.