Asked if Treasury could possibly reach June 15 before running out of cash, Secretary Janet Yellen says there is some uncertainty about the exact so-called x-date, but she doubts the money would last through June 15.
Asked if Treasury could possibly reach June 15 before running out of cash, Yellen said there was some uncertainty about the exact so-called x-date, but she doubted the money would last through June 15.
“There’s always uncertainty about tax receipts and spending, and so it’s hard to be absolutely certain about this, but my assessment is that the odds of reaching June 15 while being able to pay all of our bills is quite low,” she said. Biden told reporters in Japan that he believed he had the authority to invoke the 14th Amendment to the US Constitution to raise the debt ceiling without Congress, but said it was unclear that enough time remained to try to use that untested legal theory to avoid default.
Yellen said invoking the amendment “doesn’t seem like something that could be appropriately used in these circumstances, given the legal uncertainty around it, and given the tight time frame we’re on.”
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