Finance Minister Yellen is pushing for rapid action to increase the expenditure limit and to avert the loss of payment of US obligations-Economics
Finance Minister Yellen is pushing for rapid action to increase the expenditure limit and to avert the loss of payment of US obligations-Economics
Janet Yellen, the US finance minister, sent a letter to the congress on Friday, in which she asked the legislator to increase the expenditure limit. Yellen emphasized that the country would reach its statutory debt border on January 19, 2023. She warned that "the non-fulfillment of the commitments of the US economy, the livelihood of all Americans and the global financial stability would harm irreparable".
yellen warns against approaching the debt limit and calls on the congress to act quickly
On Friday, January 13, 2023, the US Ministry of Finance published A press release written by Janet Yellen , the 78th US Finance Minister. The letter is aimed at the House of Representatives and the newly appointed 55th speaker, Kevin McCarthy (R-Ca).
im letter warns Yellen against an approaching debt line Congress urgently acts quickly before the massive loan authority of the nation is exhausted of $ 31.4 trillion in order to avoid that the country does not meet its obligations. However, a temporary solution could be used to prevent a loss of payment for US obligations.
The finance minister insists that the use of a process known as "extraordinary measures" could give the congress more time to strengthen the US loan authority. The process, which, like the transfer of money is from one account, to ensure that invoices are paid on time, enables the Ministry of Finance to change money in order to prevent the United States from not complying with its obligations. However, Yellen notes that this is only possible for a limited time.
"The period in which extraordinary measures can last is subject to considerable uncertainties due to a variety of factors," wrote Yellen. She added: "It is unlikely that cash and extraordinary measures will be exhausted before the beginning of June." The finance minister continued:
I respect the congress respectfully to act immediately in order to protect the full trust and the creditworthiness of the United States.
during a target = "_ blank" href = "https://www.whitehouse.gov/briefing-room/press-briefings/2023/13/press-briefing-by-press-secretary-karine-pierre-and-senior-advisor-for-for-engagement-keis-bottoms/" Rel = "noopener"> Press conference On Friday, press spokesman for the White House Karine Jean-Pierre was asked about the upcoming debt limit, and she explained: "We believe that the debt border has been dealt with for years and decades," Jean-Pierre told reporters. "And that should be done non -partisan. And it should happen without conditions. This is important here."
The US stock markets ended Friday in the green, since the four benchmark stock indices in the USA-Dow Jones Industrial Average (DJIA), S&P 500, Nasdaq Composite and Russell 2000-closed all. In addition, the three most far -traded precious metals of the world - gold, silver and platinum - have recently collected.
The New York Cassa Prize for Gold was around $ 1,921.60 per ounce on Friday, an increase of 1.26 %, and the silver price per ounce was around $ 24.38 at the end of Friday. The global market capitalization for cryptocurrencies also rose by 4.1 % Bitcoin jump over the zone of $ 21,000 per unit. On Saturday, January 14, 2023, Bitcoins price rolls just below the 21,000 dollar span.
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