Treasury Secretary Yellen calls CEOs and business leaders with warning on debt limit | CNN Business

The calls come on the heels of Yellen’s message to Congress that the United States could default on its obligations as soon as June 1, if lawmakers don’t address the debt limit before then — an accelerated timeline that increased pressure on President Joe Biden and House Republican lawmakers to ramp up their talks.

A White House spokesperson said the protracted default scenario envisions a three-month long impasse. Even a brinksmanship scenario, where a default is avoided, would wipe out 200,000 jobs and knock 0.3 percentage points off annual gross domestic product, according to the Biden administration. In a short default, the economy would suffer the loss of about half a million jobs and the unemployment rate would rise by 0.3 percentage points, the economists said.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Yellen is calling CEOs personally to warn on US debt ceilingReuters is reporting that the US Treasury Secretary Janet Yellen is reaching out to business and financial leaders to explain the 'catastrophic' impac
Source: FXStreetNews - 🏆 14. / 72 Read more »

Yellen is calling CEOs personally to warn on US debt ceiling, sources sayTreasury Secretary Janet Yellen is reaching out to U.S. business and financial leaders to explain the 'catastrophic' impact a U.S. default on its debt would have on the U.S. and global economies, two sources familiar with the matter said on Monday.
Source: Reuters - 🏆 2. / 97 Read more »