– Yellen ‘Not Prepping For Default’ Despite Debt Ceiling Impasse:
(Update: 1055ET): Treasury Secretary Janet Yellen said on Wednesday that signs of market stress are beginning to emerge as the X-date draws closer, however the Biden administration is not preparing for a default, and is instead focusing on completing a debt-limit deal.
“We are committed to not having missed payments and raising the debt ceiling,” Yellen said at a video conference event in London. “We’re not involved in planning for what happens if there’s a default,” she said when asked if Treasury was engaged with major banks to map out a default scenario, Bloomberg reports.
“It’s highly likely that we would run out of resources to meet all the government’s obligations in early June and possibly as early as June 1,” she told the conference. “We no longer see very much likelihood that our resources will enable us to get to the middle or end of June.“
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