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US Treasury Secretary Janet Yellen doubts the country can pay all of its bills by June 15 KXan 36 Daily News

Date: April 12, 2024 Time: 18:49:30

“There’s always uncertainty about tax revenue and spending,” Yellen said on NBC News’ Meet the Press on Sunday. “And it’s hard to be absolutely sure about that, but I think the chances of surviving until June 15, of being able to pay all our bills, are pretty low,” the treasury chief added.

Yellen has previously said that the US could lose the ability to pay all of its bills as of June 1, putting the country at risk of a catastrophic default. According to her, although the tax payment is expected in mid-June, it is problematic to be on time for this date.

As debt ceiling talks stalled, House Speaker Kevin McCarthy said he hoped to speak with President Joe Biden by phone on Sunday to avoid a debt default. His personal meeting is scheduled for Monday, May 23. Each side accuses the other of making unreasonable demands as Republicans seek cuts in federal spending as the price to pay for raising the debt limit, Bloomberg notes.

On Sunday, during a press conference in Hiroshima after the G7 summit, President Biden said he would be “innocent” if the United States defaulted on its debt in the coming days. Republicans in Congress forced Biden to the negotiating table after the White House insisted for months that there would be no debate on the issue. Biden now claims that some “MAGA Republicans are trying to induce a default to bring down the economy in the run up to Biden’s re-election, Fox News reports.

On Saturday, Republican negotiators rejected a White House proposal to cap next year’s spending on both the military and a wide range of critical domestic programs as part of high-stakes talks on a federal debt ceiling. This was reported by the Washington Post, citing three people familiar with the negotiations.

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Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.
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