Daily Headlines Live
  • Home
  • Latest News
  • Trending
  • Politics
  • Economy
  • Login
  Breaking
These 100 members of Congress refuse to denounce Socialism February 7, 2023
Nebraska Democrat Creates Mock Amendment Banning Children’s Bible Camps February 7, 2023
Rep. Waltz: DoD may have hacked Chinese spy vessels from Trump February 7, 2023
Swalwell says that ‘Republicans Still Want to Take Side With Russia’ February 7, 2023
Report: Hillary Clinton Believes That VP Lacks ‘Political Instinct’To Win the Primary February 7, 2023
Next
Prev
No Result
View All Result
Live Now
  • Latest News
  • Politics
  • Economy
  • Entertainment
  • Health
  • Lifestyle
  • Sports
  • Technology
  • Media
No Result
View All Result
Daily Headlines Live
  • Latest News
  • Politics
  • Economy
  • Entertainment
  • Health
  • Lifestyle
  • Sports
  • Technology
  • Media
Home News

‘Very Irresponsible’Yellen Slams House Republicans Who Want to Seek Spending Reductions in a Debt Showdown

January 21, 2023
in News
0 0
A A
0

Janet Yellen, Treasury Secretary, stated on Saturday that House Republicans are trying to negotiate spending cuts in the renewed battle for the debt ceiling. “very irresponsible.”

An official informed Kevin McCarthy (R. CA), House Speaker, and other legislators in a recent correspondence that the debt ceiling was an arbitrary limit on the nation’s debt set by Congress. It exceeded the statutory limit at nearly $31.4 trillion as this week. In an interview with The Associated Press, Yellen stated that House Republicans who call for spending cuts run the risk of a “self-imposed calamity in the United States and the world economy.”

“This is about paying bills that have already been incurred by decisions with this and past Congresses and it’s not about new spending,”Commenting on the inability to make sustainable spendings, she stated that this was not possible. “negotiated over whether or not we’re going to pay our bills.”

Yellen, who is currently touring multiple African countries for a trip centered on the continent’s economic development, said that the position of withholding a debt ceiling hike until more spending cuts occur is “a very irresponsible thing to do”This could result in serious consequences, even if the person is not already there. “the day of reckoning.”In a letter addressed to legislators, she stated that investments in the Civil Service Retirement and Disability Fund and Postal Service Retiree Health Benefits Fund had been temporarily suspended. “extraordinary measures”Treasury Department in order to preserve the government’s liquidity are set to be implemented until June.

Yellen predicts, however that Congress will manage the situation as they are aware of the economic calamity caused by federal government defaults on its obligations. Beyond the possibility of a default, diminished trust in the government’s ability to repay debt can also cause “markets to become quite concerned,”Elle continued.

To continue its deficit-driven spending, the federal government relies on large budget deficits for many decades. Social Security, Medicare and other initiatives related to health accounted for 46% in the federal budget last year according to data provided by the Treasury Department. However, national debt maintenance costs have soared due to rising interest rates.

Yellen, the former director of Federal Reserve, stated in another notice that last week “failure to meet the government’s obligations”This would refer to “irreparable harm”both the domestic and global economies. “Presidents and Treasury Secretaries of both parties have made clear that the government must not default on any obligation of the United States,”Sie wrote. “Yet the use of extraordinary measures enables the government to meet its obligations for only a limited amount of time.”

McCarthy is scheduled to meet with President Joe Biden in order to negotiate the debt ceiling. House Republicans have asked their Democratic counterparts about possible spending cuts. Jason Smith (R,MO) is the chairman of Ways and Means Committee. He stated that he believes there are ways to cut spending. “reckless spending”Produced “the worst spike in prices in forty years”This can lead to a decrease in standard of living.

“Instead of attacking his political opponents, President Biden should be spending this time working with House Republicans to address the debt ceiling in a way that imposes some fiscal sanity. Otherwise, the President is simply scheduling America’s next debt crisis,”He went on. “We can find commonsense solutions to halt reckless spending, put American’s finances on stable footing, and ensure we meet our debt obligations.”

The full article is available here here

ShareTweetSharePinShareSendShare

Related Articles

News

Israel Sends Again Help Abroad and Flies 150-Person Assistance Mission to Turkey

by Press Room
February 7, 2023
0

Israel, which has a long history of aiding countries devastated by natural disasters sent Monday a 150-member military mission to...

Read more
News

Biden’s Balloon Playbook: Incompetence, Lying, Hiding, And Being Overruled

by Press Room
February 7, 2023
0

Sometimes, an event sums up the whole thing.So it is with the ‘Adventure of Joe Biden and the Chinese Spy...

Read more
News

House Republican blasts Biden administration’s closed-door briefing on Chinese spy balloon

by Press Room
February 7, 2023
0

A member of the House Foreign Affairs Committee wasn’t satisfied by what he heard from senior Biden administration officials on...

Read more
News

Monday Afternoon News: After the Syria and Turkey Earthquakes, Death tolls Rise, NYC Announces End of COVID Mandate For Public Workers And Other Information

by Press Room
February 7, 2023
0

This article is a companion piece to today’s Morning Wire Afternoon Update. To listen to the podcast version, click here.Earthquakes in...

Read more
News

Biden Aide Investigated by Investigators With Links to Hunter in Docs Scandal

by Press Room
February 7, 2023
0

Justice Department and Congress Investigators are investigating the activities of classified documents handling in an investigation into a long-standing aide...

Read more
News

Patrick Mahomes will host a wild Super Bowl party with Cooper Manning, if the Chiefs win

by Press Room
February 7, 2023
0

If the Kansas City Chiefs win Super Bowl LVII over the Philadelphia Eagles this Sunday, Patrick Mahomes already knows how he...

Read more
Load More

Latest News

Report: Judy Chu Named ‘Honorary Chairwoman’CCP Front Allegations

February 7, 2023

Democrats Have ‘Lost Hope’Kamala Harris, Vice President 

February 7, 2023

Trent Dilfer Calls Tom Brady and Aaron Rodgers ‘Not Impressive’, Puts Trent Dilfer on Blast

February 7, 2023

US Soccer Star: Trans Players “Not a Threat for Women’s Sports”

February 7, 2023

Kevin McCarthy: National Debt is a ‘Greatest Threat To Our Future’

February 7, 2023

Popular Stories

  • Trump Makes Announcement On Future Plans After Assassination Of Abe

    0 shares
    Share 0 Tweet 0
  • Supreme Court Supports Second Amendment With Another Major Move

    0 shares
    Share 0 Tweet 0
  • ‘As The Breakfast Tacos’Jill Biden is Slammed ‘Racist’Latin Conference: Comment

    0 shares
    Share 0 Tweet 0
  • ‘Impeachable’ Republican Members of Congress Examine Offense Biden for China Petroleum Deal

    1 shares
    Share 0 Tweet 0
  • French Firearms Surrender in Record Numbers during Government Crackdown

    0 shares
    Share 0 Tweet 0
Daily Headlines Live

Daily Headlines Live is one of the biggest news portals in the US and the world, we provide real-time news from all trusted sources, follow us for more real news.

LEARN MORE »

Recent Posts

  • These 100 members of Congress refuse to denounce Socialism
  • Nebraska Democrat Creates Mock Amendment Banning Children’s Bible Camps
  • Rep. Waltz: DoD may have hacked Chinese spy vessels from Trump
  • Swalwell says that ‘Republicans Still Want to Take Side With Russia’

Sections

  • Economy
  • Entertainment
  • Health
  • Lifestyle
  • News
  • Politics
  • Sports
  • Tech
  • Videos

Newsletter

The most important world news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • About
  • Privacy Policy
  • Terms of use
  • Contact
  • Press Release
  • Advertise

© 2022 Daily headlines Live - Created by Sawah Dev.

No Result
View All Result
  • Latest News
  • Politics
  • Economy
  • Entertainment
  • Health
  • Lifestyle
  • Sports
  • Technology
  • Media

© 2022 Daily headlines Live - Created by Sawah Dev.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Go to mobile version