China would be among first paid under GOP debt limit plan, Treasury Secretary Yellen say
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.
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