Treasury Secretary Janet Yellen said it’s unlikely the U.S. will make it to June and still be able to pay its bills.
President Joe Biden cautioned Sunday that congressional Republicans may do something “outrageous” to force the U.S. to default on its loans, as the negotiations between congressional Republicans and the White House over whether to raise the debt ceiling remain uncertain and a June 1 deadline to avert a default looms....
The president also said he couldn’t promise during meetings with fellow world leaders the U.S. would not default, a move that would have repercussions around the world, but he said earlier in the press conference the United States has “never defaulted on our debt and it never will.” Biden also reiterated he was considering bypassing Congress and continuing to pay the nation’s bills by invoking an obscure clause in the 14th amendment that says the “validity of the public debt of the United States … shall not be questioned,” but noted potential legal challenges and a lack of time.
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