Janet Yellen isn't 'credible' and the US won't default on its debt on June 1, Republican congressman says
to 4.9%, that's well above the central bank's 2% goal, meaning Americans are paying substantially more for everything from gas to groceries."We'd like to see more transparency on how they come to that date," House Majority Leader Rep. Steve Scalise said at a press conference Tuesday, adding Yellen"implied that it's June 1, or later, giving some openness to the idea that June 1 may not be the so-called X-date.
"I think she should come in here and tell us exactly how she arrived at June 1," Donalds, who sits on the House Financial Services Committee, said. "I think she's coming to the Financial Services on June 7th," he said, during which"I'm gonna be asking her about it, about her calculations on X-date because she is the one that's signaling to the Treasury markets and—and to the bond market—what the debt ceiling date actually is. Nobody else has that authority except her.
Because of the difficulty predicting tax receipts and government outlays, she added,"the actual date that Treasury exhausts extraordinary measures could be a number of weeks later than these estimates," referring to
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US credit default swaps flash default warning and speculators rush inA measure of U.S. default risk is flashing red as talks over the government's debt ceiling drag on, with speculation driven by the lure of a quick profit inflating the value of the derivative, market strategists and investors said.
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Inside the Treasury Department team monitoring early economic warning signs as default threat looms | CNN PoliticsNearly five months before the US was projected to hit the debt ceiling, a small team inside the Treasury Department began alerting top officials to early effects already being felt in the US financial system.
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Yellen doubles down on June deadline to avoid US debt defaultTreasury Secretary Janet Yellen warned the U.S. could default on its financial obligations by early June, adding to the pressure on Washington negotiators.
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Jeffries accuses 'unpatriotic' GOP of using default crisis to advance ‘political interests’Minority Leader Hakeem Jeffries (D-NY) accused 'unpatriotic' Republicans of using a potential default to advance their political interests, the latest attack in House Democrats' debt ceiling messaging war.
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U.S. Treasury debt announcement signals to some June 1 is not 'X-date'The U.S. Treasury on Thursday announced a slate of T-bill auctions for early next week that some market participants see as an indication that the debt ceiling's so-called 'X-date' may not in fact be June 1.
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Yields on June Treasury bills rise to 7%, signaling investor fear over debt ceilingThe standoff over the debt ceiling is raising the prospect of default and sending yields on certain Treasury bills soaring. Yields on securities maturing in early June soared on Thursday, with at-risk bills maturing on June 6 featuring yields above 7%.
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