Wall Street Worries as Yellen Warns of Economic Chaos in Debt Ceiling Talks with Biden and McCarthy.
TL;DR Summary
Treasury Secretary Janet Yellen has warned of a "financial catastrophe" if Congress and the White House do not reach a debt-limit accord soon. The differences between Congress and the Biden administration are vast, with Republicans wanting to reduce the country's $31.4 trillion debt through spending cuts, while the White House views tax increases on companies and wealthy Americans as the best way to reduce the burden. The debt-ceiling turmoil could hurt Mr. Biden's re-election bid, and Wall Street is getting antsy as firms bring forward their forecasts for the "X-date" when the U.S. will not be able to pay its bills.
- Debt-Ceiling Déjà Vu Worries Wall Street The New York Times
- Yellen Says No Good Alternative to Congress Lifting Debt Cap Yahoo Finance
- Senior Treasury officials reiterate dire warnings if debt ceiling isn't lifted, pour cold water on invoking the 14th Amendment CNN
- Yellen warns of 'economic chaos' unless Congress raises the debt ceiling CNBC
- Biden to Meet with Kevin McCarthy in Debt Ceiling Talks The New York Times
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