As the White House negotiates a debt ceiling deal with House of Representatives GOP Majority Leader Kevin McCarthy, U.S. Treasury Secretary Janet Yellen continues to beat the drum on rapidly depleting federal treasury cash reserves. “There will be some obligations we will be unable to pay,” Yellen noted at a Wall Street Journal forum on May 24. Citing the impossibility of making prioritized federal payments to Social Security recipients, federal workers, and U.S. veterans, among other groups, Yellen said, “We simply have to raise the debt ceiling.”
Pezou–Treasury Secretary Janet Yellen Just Announced Some Extremely Distressing News