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Treasury Secretary Janet Yellen reiterated that the United States could run out of cash as early as June 1. Her warning comes days before President Joe Biden is expected to hold meetings with Democrats and Republicans about the need to raise the debt ceiling. VOA’s Veronica Balderas Iglesias explains what’s at stake.
Content TypePackage
LanguageEnglish
Transcript/ScriptWASHINGTON WEEK AHEAD -- {7MAY2023} -- {WEB}
HEADLINE: Yellen to Congress: Raise Debt Ceiling or Face Economic Calamity
TEASER: Stakes are high as President Biden prepares for meetings with Republicans
PUBLISHED AT: 05/07/2023 at 4 pm
BYLINE: Veronica Balderas Iglesias
CONTRIBUTOR
DATELINE:
VIDEOGRAPHER:
VIDEO EDITOR: Marcus Harton
SCRIPT EDITORS: Page, Bowman, Mia Bush
VIDEO SOURCE (S): Agencies, see script for others
PLATFORMS (mark with X): WEB __ TV _X_ RADIO __
TRT: 2:23
VID APPROVED BY: mia
TYPE:
EDITOR NOTES: Radio Tracks Included))
((INTRO))
[[Treasury Secretary Janet Yellen reiterated that the United States could run out of cash as early as June 1. Her warning comes days before President Joe Biden is expected to hold meetings with Democrats and Republicans about the need to raise the debt ceiling. VOA’s Veronica Balderas Iglesias explains what’s at stake.]]
((VIDEO:Ad hoc REUTERS · USN: WD980903052023RP1
· ID: tag:reuters.com,2023:newsml_WD980903052023RP1:4))
((NARRATOR))
Financial and economic chaos would ensue if Congress doesn’t act; it must raise the debt ceiling and allow the U.S. government to borrow more money to pay its bills, warned Treasury Secretary Janet Yellen on ABC’s “This Week.”
((VIDEO: SOT TC in: 2:06 approx. -ABC “This Week”))
((Mandatory Credit: ABC’s “This Week”))
((Janet Yellen, US Treasury Secretary))
“Whether it's defaulting on interest payments that are due on the debt or payments due for Social Security recipients or to Medicare providers, we would simply not have enough cash to meet all of our obligations.”
((NARRATOR))
International repercussions could also be expected.
((VIDEO: SOT TC in: 2:33 approx -ABC “This Week”)) ((Mandatory Credit: ABC’s “This Week”))
((Janet Yellen, US Treasury Secretary))
“U.S. Treasury securities are the safest bedrock security underlying the global financial system. A failure of the United States to honor all of its debt would call into question our credit worthiness.”
((VIDEO: Biden AFP V000_33EH2BZ ))
((NARRATOR))
President Joe Biden is expected to hold meetings early this week with congressional leaders of both parties. Democrats have been pressing for the debt ceiling to be lifted without preconditions.
((VIDEO: Republicans and McCarthy AP 4431678))
Republicans demand federal spending be cut.
((VIDEO: SOT IN: 5:31 approx. ABC “This Week”))
Senator James Lankford shared his expectations for the meetings on ABC’s “This Week” program.
((Mandatory Credit: ABC’s “This Week”))
((Sen. James Lankford, Republican))
“Everyone knows that there's areas of waste in government. We should actually sit down and be able to talk about it and say, ‘What are the priorities? How are we going to spend on those priorities, and to make sure that we're realigning.’”
((NARRATOR))
((VIDEO: Images of McCarthy and Biden Reuters · USN: WD696821042023RP1
· ID: tag:reuters.com,2023:newsml_WD696821042023RP1:5 ))
((NARRATOR))
President Biden has so far refused to negotiate with Republicans on the debt ceiling, insisting it be raised without conditions as has been done dozens of times under presidents of both parties in the past.
Speaking on NBC’s “Meet the Press,” House Democratic leader Hakeem Jeffries said the party is united behind Biden.
((VIDEO: SOT NBC Meet the Press/Twitter https://twitter.com/MeetThePress/status/1655198787114086401?cxt=HHwWgsC9qd-hufgtAAAA ))
((Mandatory cg: NBC’s “Meet the Press”/Twitter))
((Rep. Hakeem Jeffries, Democrat))
“Ultimately, everyone evaluates on the merits any particular piece of legislation that is presented to us, but we are in lockstep with President Biden, we are in lockstep with Senate Democrats. We want to do the right thing for the American people.”
((NARRATOR))
The United States has never defaulted on its debt. With funding expected to run out this summer, calls for negotiations are growing by the day.
((Veronica Balderas Iglesias, VOA News Washington.))
NewsML Media TopicsArts, Culture, Entertainment and Media
NetworkVOA
Location (dateline)
Washington D.C.
Embargo DateMay 7, 2023 15:51 EDT
Byline
Veronica Balderas Iglesias, VOA News
Brand / Language ServiceVoice of America - English
