Treasury Secretary Janet Yellen panned a GOP idea to pay off certain debts to avoid a government debt default.Yellen said the suggestion is "exceptionally risky" and "untested."
U.S. Treasury Secretary Janet Yellen sits to testify before a Senate Finance Committee hearing on U.S. President Joe Biden's proposed budget request for fiscal year 2024, on Capitol Hill in Washington, U.S., March 16, 2023.WASHINGTON — Treasury Secretary Janet Yellen said China would be among the first in line to get paid under a Republican proposal to prioritize some U.S. debt obligations over others, calling it a "dangerous idea" that would technically cause the U.S.
House Republicans are holding up a bill to raise the U.S. debt ceiling, which hit its $31.4 trillion borrowing limit in January. They want any agreement on the debt limit to pair with cut spending cuts on social program.out of the House Ways & Means Committee last week, would prioritize which payments the U.S. Treasury makes first when the U.S. hits the ceiling at which it cannot issue more bonds.
"The government on average makes millions of payments each day and our systems are built to pay all of our bills on time and not to pick and choose which bills to pay," Yellen said during a Senate Finance Committee hearing on the federal budget Thursday. "There is a reason that Treasury secretaries of both parties have rejected this incredibly risky and dangerous idea and it's never been tried before.
How long will she be in this position? What happens after she leaves?
it has nothing to do with China
How does anybody not know this woman is incompetent?
That’s going to hurt but the pain will be Transitory 🤣🤣🤣
It's just 'Transitory'.
Giving more money to US enemies? Hard to understand!!!
Are you kidding me? 27 people like it?
Thanks for the non-explanation. China wouldn't be paid first. Public debt would be paid first of which china owns 3%. Great politically misleading headline CNBC. I would expect nothing less
incompetent corrupt.
She’s never been wrong. 🥴
donna_shelton how do you think? support or not? This is why current FDIC policy is too old. Nowadays, it is not only 'too big to fall' but also 'too old to fall'.WhiteHouse JoeBiden selinawangtv BBCBreaking USTreasury
China owns Biden. Fact.