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Treasury Secretary Yellen Revises Debt Default Date: US Government Could Exhaust Funds by June 5

[May 27, 2023 6:00 PM] U.S. Treasury Secretary Janet Yellen has updated her projection regarding the date the U.S. government could default on its debt obligations. She warned that the Treasury “will have insufficient resources to satisfy the government’s obligations if…

Treasury Secretary Yellen Insists US Could Default on June 1 — Goldman Sachs Estimates ‘Real Deadline’ Is a Week Later

[May 22, 2023 6:30 PM] U.S. Treasury Secretary Janet Yellen has insisted that the U.S. could default on its debt obligations on June 1. “I think that’s a hard deadline,” she stressed. Meanwhile, global investment bank Goldman Sachs has estimated that the “real…

Harvard Economics Professor: US Default Could Spark Global Financial Crisis

[May 14, 2023 6:30 PM] Harvard economics professor Kenneth Rogoff, who previously served as the chief economist at the International Monetary Fund (IMF), has warned that the U.S. defaulting on its debt obligations could spark a global financial crisis. “It’s a very…

US Government Faces ‘Significant Risk’ of Default in June, Congressional Budget Office Warns

[May 13, 2023 6:00 PM] The Congressional Budget Office (CBO) has stressed that “there is a significant risk that the Treasury will run out of funds at some point in the first two weeks of June” if the debt ceiling is not raised or suspended. The CBO’s projection is in…

IMF Warns of ‘Very Serious Repercussions’ if US Defaults on Debt Obligations

[May 12, 2023 7:30 PM] The International Monetary Fund (IMF) has warned of “very serious repercussions” to both the U.S. and the global economy if the U.S. defaults on its debt obligations, which could be as soon as June 1. “We are calling on all of the…

SEC Chair Warns US Default Would Have ‘Significant’ and ‘Lasting Effects’ on Investors, Markets

[May 11, 2023 8:30 PM] Securities and Exchange Commission (SEC) Chairman Gary Gensler has warned that the U.S. Treasury defaulting on its debt obligations “would have very significant, hard to predict, and likely lasting effects on investors, issuers, and markets alike.”…

Donald Trump Urges Republicans to Let US Default on Debt if Democrats Don’t Agree to Spending Cuts

[May 11, 2023 3:30 PM] Former U.S. President Donald Trump has urged Republican lawmakers to let the U.S. default on its debt obligations if the Democrats do not agree on “massive” spending cuts. Trump, who is also running for president in 2024, stressed that letting the…

Lawmaker Warns US Default Risks Dollar’s Reserve Currency Status, Exploitation by China and Russia

[May 9, 2023 8:30 PM] The top Democrat on the House Intelligence Committee has warned that China and Russia would seek to exploit the chaos resulting from a U.S. default. He further cautioned that the U.S. dollar’s reserve currency status could be eroded if the U.S…

Fed Chair Warns of ‘Uncertain and Adverse’ Consequences of US Debt Default — ‘We’d Be in Uncharted Territory’

[May 5, 2023 7:30 PM] Federal Reserve Chairman Jerome Powell has warned of “highly uncertain and adverse” economic consequences if the U.S. defaults on its debt obligations. “No one should assume that the Fed can protect the economy from the potential short…

Standard Chartered Analyst: BTC to Surge by $20,000 if the US Defaults on Debt Obligations

[May 3, 2023 1:00 AM] Geoff Kendrick, the head of forex research at the banking institution Standard Chartered, recently said that the price of bitcoin is likely to jump by $20,000 in the event of the United States defaulting on its obligations. According to Kendrick…

Russia Monitoring US Economy Amid Possible Default, Says Official

[May 2, 2023 9:30 PM] Russia is closely monitoring the U.S. economy amid discussions of the U.S. government defaulting on its debt obligations. Treasury Secretary Janet Yellen said the Treasury will be unable to pay the government’s bills if Congress does not act by…

Treasury Secretary Yellen Warns US Could Default on Its Debt by June 1

[May 1, 2023 8:00 PM] U.S. Treasury Secretary Janet Yellen has warned that the Treasury will not be able to pay all of the government’s debt “as early as June 1, if Congress does not raise or suspend the debt limit before that time.” Yellen also cautioned that the…

Bank of America Is Preparing for Possible US Debt Default, Says CEO Brian Moynihan

[Feb 7, 2023 7:30 PM] Bank of America is preparing for a possible U.S. debt default, says CEO Brian Moynihan. He is not a fan of eliminating the debt ceiling altogether as some lawmakers have proposed. Meanwhile, Treasury Secretary Janet Yellen says “every…