treasury secretary, janet yellenreduced the length of his next trip to Japan to attend a meeting of finance ministers and central bank governors due to an impending showdown over the debt limit from United States.
Yellen’s travel planes were compressed to ensure that she can continue to participate in efforts ongoing in Washington to address the problemA senior Treasury official said Friday in a conference call with reporters ahead of the Group of Seven meeting next week in Niigata, Japan.
On the same day that Yellen begins her trip, Tuesday, President Joe Biden is scheduled to meet with the Speaker of the House of Representatives, kevin mccarthy, and other congressional leaders. A Treasury spokesman did not immediately respond when asked if Yellen I would attend that session.
The United States takes special measures to avoid defaulting on its debt
Biden and the Republicans are locked in a contest over the debt limit. The Republicans want promises of future spending cuts before approving a higher ceilingwhile Biden has insisted on a “clean” raise, keeping influential conversations separate.
The federal government achieved the legal limit on loans in January and, since then, the Treasury has been using special accounting measures to have cash. Those measures could run out on June 1, Yellen told Congress this week.
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