Treasury Secretary Janet Yellen is conjuring up doomsday scenarios to dissuade Republicans from demanding sweeping budget cuts over many years in exchange for raising the debt ceiling. The problem for Yellen is she has a low standing as she played down inflation and has not taken the banking crisis seriously.
In an interview with ABC News on Sunday, Yellen warns Congress and says the central bank only has money to pay the government’s expenses until the end of June if the debt ceiling is not raised. (NTB)
But the Republicans have finally managed to man up and agree that the budget must be reduced or the federal debt will grow to US$ 45 trillion within ten years. No nation has been able to recover from such a debt wave trough. But liberal media such as NTB continue to write as if the Republicans are the problem.
Deputy Finance Minister Wally Adeyemo also sounded the alarm on Sunday. If the US defaults on its debt because the debt ceiling is not raised, it will be a disaster for the US with a severe impact on interest rates, he said. (NTB)
Biden has played tough and refused to negotiate. But on Thursday he will meet the leaders of both parties.
Biden claims his economy is the best ever. He lives in a fantasy world.