"Yellen Urges Reform to End Debt Ceiling Standoffs and Avoid Global Economic Downturn"

Treasury Secretary Janet Yellen has dismissed the idea of invoking the 14th Amendment to raise the debt limit, calling it "legally questionable." The Biden administration and lawmakers remain in a standoff over whether and how to raise the debt ceiling, with Yellen warning that the US could run out of money to pay its bills on time by June 1. Yellen also warned that failing to lift the debt limit would have dire consequences for the US and the world economy, including a "very substantial downturn."