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☆ ‘We Must Go Faster.’ Yellen Says Rich Nations Must Speed Debt Relief
▼ + stars: | 2023-07-16 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen called on Sunday for international creditors to speed up their efforts to provide debt relief to developing countries facing default, arguing that shoring up their deteriorating finances would benefit the global economy. Speaking in Gandhinagar, India, ahead of a gathering of finance ministers from the Group of 20 nations, Ms. Yellen cited a recent agreement among international creditors, including China, to help Zambia pay its debts. “We should apply the common principles we agreed to in Zambia’s case in other cases rather than starting at zero every time,” Ms. Yellen said. “And we must go faster.”The Treasury secretary noted that more than half of low-income countries are in or near debt distress — double the total from 2015. These nations face a vicious cycle, because heavy public debt levels make it hard to attract public and private investment.

Persons: Janet L, Yellen, ” Ms Locations: Gandhinagar, India, China, Zambia, Ghana, Sri Lanka

☆ Biden Touts Easing Inflation as ‘Bidenomics in Action’
▼ + stars: | 2023-07-12 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

“Today’s report brings new and encouraging evidence that inflation is falling while our economy remains strong,” Mr. Biden said in the statement. “Our progress creating jobs while lowering costs for families is no accident, and I will continue to fight for lower costs for families every day.”While the latest data showed that Mr. Biden may be able to get that gentle slowdown, the economy still faces headwinds. The Fed, which has raised interest rates above 5 percent to try and cool the economy, is expected to lift them again later this month. “It’s my hope that, and belief, that there is a path to bring inflation down in the context of a healthy labor market and the data that I’ve seen suggests we’re on that path,” Ms. Yellen said. Republicans argued on Wednesday that inflation remained too high and that real wages were lower than when Mr. Biden took office.

Persons: “, Mr, Biden, Janet L, Yellen, Ms Organizations: CBS, Republicans Locations: United States

Mr. Blinken canceled a trip to China during that episode, then publicly accused China a few weeks later of considering sending military aid to Russia for use in Ukraine. One senior State Department official who spoke on the condition of anonymity to discuss the sensitive incident said the hack did not initially appear to be directly related to the trip. Other officials cautioned that the investigation into what material, if any, was stolen by the hackers was still in the early stages. In a statement on Wednesday, the State Department said that after detecting “anomalous activity” the government took steps to secure the systems and “will continue to closely monitor and quickly respond to any further activity.”After the State Department reported the hack to Microsoft, the company found that the hackers had also targeted some 25 organizations, including government agencies. Microsoft, which described the attack as hackers going after specific accounts rather than carrying out a broad-brush intrusion, did not say how many accounts it believes might have been compromised by the Chinese hackers.

Persons: Janet L, Yellen, John Kerry, Biden, Xi, Blinken Organizations: Washington, Pentagon, Mr, State Department, Microsoft Locations: Beijing, China, Bali , Indonesia, United States, Russia, Ukraine

After three years of self-isolation by China, President Biden’s top aides are flying into Beijing throughout the summer to try to convince and cajole Chinese officials, including Xi Jinping, the nation’s leader, on building a new foundation for relations. It could amount to the most consequential diplomatic push of Mr. Biden’s presidency. He is betting that high-level dialogue can itself act as a ballast in a relationship that has been in a dangerous free fall for years. director and the secretary of state have also traveled to Beijing, and the special climate envoy and the commerce secretary are following soon. Mr. Biden and his aides say forging these personal ties could be necessary for defusing crises between the world’s two main superpowers.

Persons: Biden’s, Xi Jinping, “, ” Mr, Biden, Janet L, Yellen, Mr, Xi Organizations: CNN Locations: China, Beijing

After 10 hours of meetings over two days in Beijing, Ms. Yellen said at a news conference on Sunday that she believed the United States and China were on a steadier footing despite their “significant disagreements.”“We believe that the world is big enough for both of our countries to thrive,” Ms. Yellen said. And later this month, John Kerry, the special presidential envoy for climate change, will visit China to restart global warming negotiations. Yet a meaningful easing of the economic tension may not be likely. Ms. Yellen headed back to Washington on Sunday with no announcements of breakthroughs or agreements to mend the persistent fissures between the two nations. And Ms. Yellen made clear that the Biden administration has serious concerns about many of China’s commercial practices, including its treatment of foreign companies, and policies that the United States views as efforts at economic coercion.

Persons: Janet L, Yellen, ”, Ms, Antony J, John Kerry, Biden Locations: China, United States, Ukraine, U.S, Beijing, Washington

☆ 3 Takeaways From Janet Yellen’s Trip to Beijing
▼ + stars: | 2023-07-09 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

Ms. Yellen used softer language for America’s economic strategy toward China, disavowing a term that had caught on in Washington but offended Beijing. Yet even though more talks are a likely outcome of Ms. Yellen’s trip to China, neither she nor Chinese officials retreated from their policy positions. She forged ties with China’s economic leaders. The officials — including Ms. Yellen’s counterpart, Vice Premier He Lifeng — generally have less international experience than their predecessors and are less familiar to policymakers in the West. One of Ms. Yellen’s top goals was to meet China’s new team.

Persons: Janet L, Yellen, Xi Jinping, Lifeng Organizations: China’s Communist Party Locations: United States, China, Beijing, Washington, West . China

☆ Why China Has a Giant Pile of Debt
▼ + stars: | 2023-07-08 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

That is at least in part because China is facing a debt bomb at home: trillions of dollars owed by local governments, their mostly off-the-books financial affiliates, and real estate developers. But China’s state-controlled banking system is wary of accepting losses on foreign loans when it faces far greater losses on loans within China. How much debt does China have? Researchers at JPMorgan Chase calculated last month that overall debt within China — including households, companies and the government — had reached 282 percent of the country’s annual economic output. What distinguishes China from most other countries is how fast that debt has accumulated relative to the size of its economy.

Persons: Janet L, Yellen, — Organizations: JPMorgan Chase Locations: China, Beijing, United States, Japan

During her first day of meetings in Beijing, Treasury Secretary Janet L. Yellen criticized punitive measures the Chinese government has taken against American firms. I’ve made clear that the United States does not seek a wholesale separation of our economies. Ms. Yellen conveyed her objections to China’s top officials, including Premier Li Qiang, in what was the first visit to China by a Treasury secretary in four years. A Treasury Department official said Ms. Yellen had discussed the outlook for the economy in an informal discussion with her former counterparts that lasted more than an hour. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security,” Ms. Yellen said.

Persons: Janet L, Yellen, I’ve, Biden, Yellen’s, Li Qiang, Ms, “ I’ve, Mark Schiefelbein, Wang Yong, Wang, ”, Shi Yinhong, “, China’s, Michael Hart, “ We’ve, Mr, Hart, Liu He, Yi Gang, Li, Li’s, ” Claire Fu, Christopher Buckley Organizations: U.S, American Chamber of Commerce, Boeing, Bank of America, Cargill, Group, Bain & Company, Beijing, Biden, of, People, ., Center for American Studies, Peking University, “, Renmin University, U.S . State Department, Chamber of Commerce, Treasury, People’s Bank of China, Treasury Department Locations: Beijing, United States, China, American, Shanghai, U.S, States

☆ Yellen, in Beijing, Criticizes China’s Treatment of U.S. Companies
▼ + stars: | 2023-07-07 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen on Friday criticized the Chinese government’s harsh treatment of companies with foreign ties and its recent decision to impose export controls on certain critical minerals, suggesting that such actions justify the Biden administration’s efforts to make U.S. manufacturers less reliant on China. Ms. Yellen delivered the forceful defense of American industry on her first day of meetings in Beijing during a high-stakes trip to ease tension between the United States and China. Her comments, to a group of executives from American businesses operating in China, underscored challenges that the world’s two largest economies face as they look to move beyond their deep differences. In March, the Chinese authorities detained five Chinese nationals working in Beijing for the Mintz Group, an American consulting company with 18 offices around the world, and closed the branch. The next month, the authorities questioned employees in the Shanghai office of Bain & Company, the U.S. management consulting firm.

Persons: Janet L, Yellen, I’ve, Ms, “ I’ve Organizations: Biden, American Chamber of Commerce, U.S, ”, Boeing, Bank of America, Cargill, Group, Bain & Company Locations: China, Beijing, United States, American, Shanghai, U.S

☆ US Women’s Open: Rookie disqualified just five holes into first round after caddie uses rangefinder
▼ + stars: | 2023-07-07 | by ( Jack Bantock | ) edition.cnn.com time to read: +6 min

CNN —Thai golfer Natthakritta Vongtaveelap made it through just five holes of her US Women’s Open debut on Thursday before she was disqualified due to her caddie’s use of a rangefinder. The 20-year-old LPGA Tour rookie was even-par to start her tournament at California’s famous Pebble Beach course before she was disqualified after caddie Jinsup Kim used the distance-measuring device on two occasions. On July 1, American Zach Williams navigated just two holes of his Korn Ferry Tour debut at the Memorial Health Championship before he was disqualified for using a rangefinder. A five-time champion on the Thai LPGA Tour, Vongtaveelap announced her arrival on the LPGA Tour in stunning fashion with a runner-up finish at the Honda LPGA Classic in February, finishing just one stroke behind American Lilia Vu. This is the first time my brother ever actually watched me play, so it’s really, really special.

Persons: Natthakritta Vongtaveelap, caddie Jinsup Kim, Vongtaveelap, ”, Michael Yim, ” Yim, “, Zach Williams, Korn, I’ll, ” Vongtaveelap’s, Lilia Vu, Kim, Lin, Janet Lin, Korea’s Kim Hyo, Thailand’s, ‘, ’ ” Lin, ” Kim, Ezra Shaw, Áine Donegan, Donegan, Ping, — aine donegan, Leona Maguire, Bailey, Allisen, Nasa Hataoka, Korea’s Hae Ran Ryu, Minjee Lee, Karrie Webb, Rose Zhang, ” Zhang, they’re, “ I’ve Organizations: CNN, US, Women’s, USGA, Tour, PGA Tour, Memorial Health, Thai LPGA, LPGA, Honda LPGA, Lotte, Evian, Pebble, Getty, Nasa, PGA Locations: U.S, Pebble Beach, Republic, Southern California

☆ The Contentious U.S.-China Relationship, by the Numbers
▼ + stars: | 2023-07-07 | by ( Ana Swanson | More About Ana Swanson | ) www.nytimes.com time to read: +6 min

The U.S.-China Business Council estimated that U.S. exports to China supported nearly 1.1 million jobs in the United States in 2021. Also in the survey, 46 percent of American companies thought that U.S.-China relations would deteriorate in 2023, while only 13 percent thought they would improve. Personal and cultural connectionsThe United States is home to nearly 2.4 million Chinese immigrants, making it the top destination for Chinese immigrants worldwide. China had more than 80,000 movie screens by late 2021, compared with roughly 39,000 in the United States. Air carriers are running only 24 flights a week between the United States and China, compared with about 350 before the pandemic.

Persons: Janet L, Yellen, Germany —, China’s, Long, ByteDance, Maheshwari, Nicole Sperling Organizations: Economic, International Monetary Fund, Initiative, China . Trade, China Business Council, United, Commerce Department, Financial, American Chamber of Commerce, Columbia University Locations: China, United States, Beijing, U.S, Canada, Mexico . U.S, The U.S, Japan, Britain, Germany, China’s, American, Comscore

The Biden administration called on China on Saturday to do more to help developing countries combat climate change, urging the world’s largest emitter of greenhouse gases to back international climate finance funds that it has so far declined to support. Treasury Secretary Janet L. Yellen delivered the message during her second day of meetings in Beijing, where she is seeking to cultivate areas of cooperation between the United States and China. Ms. Yellen said that China, like the United States, has a responsibility to be a climate finance leader. “Climate finance should be targeted efficiently and effectively,” Ms. Yellen said during a meeting with a group of Chinese and international sustainable finance experts on Saturday morning. “I believe that if China were to support existing multilateral climate institutions like the Green Climate Fund and the Climate Investment Funds alongside us and other donor governments, we could have a greater impact than we do today.”

Persons: Janet L, Yellen, ” Ms, “, ” Organizations: Biden, Climate Fund, Climate Locations: China, Beijing, United States

☆ Scotland to mark coronation of King Charles and Queen Camilla
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +3 min

[1/5] King Charles III greets guests during a Garden Party at the Palace of Holyroodhouse in Edinburgh, Scotland, Britain, as part of the first Holyrood Week since the King's coronation. Jonathan Brady/Pool via REUTERSLONDON, July 5 (Reuters) - Scotland will mark the coronation of King Charles and his wife Camilla on Wednesday with a grand procession, a fly-past and a service of thanksgiving. Charles and Camilla were crowned in London's Westminster Abbey in May in front of about 100 world leaders in Britain's biggest ceremonial event for seven decades. The 74-year-old succeeded his mother as king of the United Kingdom and 14 other realms when Queen Elizabeth died in September. "Designed and crafted with care by some of Scotland's finest artisans, the Elizabeth Sword is a fitting tribute to the late queen as Scotland prepares to welcome the new king and queen."

Persons: King Charles III, Jonathan Brady, King Charles, Camilla, Charles, Queen Elizabeth, St Giles, Cathedral, Elizabeth Sword, Scotland's James IV, Pope Julius, Humza Yousaf, Elizabeth, Destiny, Prince William, Kate, Graham Smith, Michael Holden, Janet Lawrence Organizations: Party, REUTERS LONDON, London's Westminster Abbey, Scotland, Red Arrows, Thomson Locations: Holyroodhouse, Edinburgh, Scotland, Britain, Holyrood, London's Westminster, United Kingdom, England, Scottish, Republic

The last time a U.S. Treasury secretary visited China, Washington and Beijing were locked in a trade war, the Trump administration was preparing to label China a currency manipulator, and fraying relations between the two countries were roiling global markets. Treasury Department officials have downplayed expectations for major breakthroughs on Ms. Yellen’s four-day trip, which begins when she arrives in Beijing on Thursday. They suggest instead that her meetings with senior Chinese officials are intended to improve communication between the world’s two largest economies. But tensions between United States and China remain high, and conversations between Ms. Yellen and her counterparts are likely to be difficult. She met in Washington with Xie Feng, China’s ambassador, on Monday, and the two officials had a “frank and productive discussion,” according the Treasury.

Persons: Trump, Janet L, Yellen, Donald J, Biden, Yellen’s, Xie Feng Organizations: Treasury, Biden, Treasury Department Locations: U.S, China, Washington, Beijing, United States

☆ 3 things you're getting wrong about success, according to a millennial CEO: It’s not just about ‘money, control and power’
▼ + stars: | 2023-06-25 | by ( Morgan Smith | ) www.cnbc.com time to read: +1 min

Fine launched Dame, a sexual wellness brand, in 2014, when she was 26 years old. She and her co-founder Janet Lieberman, an MIT-trained mechanical engineer, wanted to design vibrators that could help bridge the "pleasure gap." While Fine never dreamed of becoming an entrepreneur, she did know that she wanted to spend her career talking about sex. Success is a concept that's often misunderstood, Fine adds, with many people assuming it's just about "money, control and power." Here are three of the biggest myths about success that Fine says you should ignore:

Persons: Alexandra Fine, Fine, Janet Lieberman, —, Dame Organizations: MIT, Columbia University Locations: Pitchbook, Target

☆ Paul-Henri Nargeolet: French diver on missing sub is Titanic expert
▼ + stars: | 2023-06-21 | by ( Layli Foroudi | ) www.reuters.com time to read: +3 min

Johann convinced Nargeolet to write his book 'In the depths of the Titanic' because he said his kids were super-fans. The underwater explorer needed convincing to write a book, Johann said, because he wanted to spend all of his time diving. CAREER IN FRENCH NAVYDirector of underwater research for RMS Titanic, which owns the rights to the ship's remains, Nargeolet started researching and exploring the Titanic wreck when he joined the French ocean research institute Ifremer in 1986, after a 22-year career in the French navy. They met after Marsh contacted the explorer to ask for the contact of a Frenchman who had survived the Titanic. The president of RMS Titanic, Jessica Sanders, said in a statement on Wednesday that Nargeolet's experience was unparalleled and "no-one has a better chance of navigating equipment failures than he does".

Persons: Paul, Henri Nargeolet, Mathieu Johann, Harper Collins, Johann, Nargeolet, Olivier Lefort, James Cameron, Nargeolet's, Anne, Michele Marsh, Marsh, Frenchman, Jessica Sanders, Bernard Cauvin, Janet Lawrence Organizations: Thomson Locations: PARIS, France, French, Connecticut, American, Cherbourg

Those aboard the submersible called Titan, the highlight of a tourist expedition that costs $250,000 per person, included British billionaire Hamish Harding and Pakistani businessman Shahzada Dawood with his son Suleman. The wreckage of the Titanic that sank in 1912 after hitting an iceberg lies at about 12,500 feet (3,810 metres). OceanGate Expeditions, the private company that operates the submersible, said it was "mobilizing all options" to rescue those aboard the Titan. Reuters GraphicsBILLIONAIRE ABOARDThe expeditions to the Titanic start in St. John's, Newfoundland, before heading out about 400 miles (640 km) into the Atlantic to the wreckage site, OceanGate's website says. Harding's stepson later wrote on Facebook that Harding had "gone missing on submarine" and asked for "thoughts and prayers".

Persons: Hamish Harding, Shahzada Dawood, Suleman, Paul, Henri Nargeolet, John Mauger, Harding, Dawood, Joseph Ax, Kanishka Singh, Ismail Shakil, Edmund Blair, Janet Lawrence Organizations: Discovery, U.S . Coast Guard, Stockton Rush, Expeditions, Twitter, Reuters Graphics, Action Aviation, Facebook, Engro Corporation, SETI, Thomson Locations: Nova Scotia, Canada, U.S, ., Cape Cod, St, John's, Newfoundland, UAE, California, Britain, Washington, Shahid, Karachi

☆ ‘Do You Even Want Us to Exist?’ A Bank Chief Fights to Survive.
▼ + stars: | 2023-06-14 | by ( Rob Copeland | ) www.nytimes.com time to read: +1 min

Mr. Vecchione said he had never spoken to Ms. Yellen or her staff before this year, and now he receives check-in calls from the deputy Treasury secretary, Wally Adeyemo. He said he had been asking regulators lately, “Do you even want us to exist?”There is a model for a more concentrated banking sector. In Canada, six banks dominate 90 percent of the market, versus about 50 percent for the six largest banks in the United States. Experts say there is little incentive for banks in Canada to take outsize risks, though there is also relatively little competition, which means borrowers may face higher interest rates. “I don’t think we want to get to the point of six banks, because that would really stifle lending,” said Ben Gerlinger, a regional bank analyst at Hovde Group.

Persons: Jamie Dimon, Janet L, Yellen, Vecchione, Wally Adeyemo, ”, Ben Gerlinger Organizations: JPMorgan, Experts, Hovde Group Locations: Canada, United States

☆ Yellen Says Bid to Decouple From China Would Be ‘Disastrous’
▼ + stars: | 2023-06-13 | by ( Alan Rappeport | ) www.nytimes.com time to read: 1 min

Treasury Secretary Janet L. Yellen said on Tuesday that it would be a mistake for the United States to try to “decouple” from China and called for deepening economic ties between the world’s two largest economies. The comments came as the Biden administration has been seeking to improve relations with China, which faced a setback this year when a Chinese surveillance balloon was found flying across the United States. Secretary of State Antony J. Blinken is planning to travel to Beijing next week, and Ms. Yellen hopes to make a trip there soon. Speaking at a House Financial Services Committee hearing on Tuesday, Ms. Yellen made clear that she believes the economic relationship with China is critical. “I think we gain and China gains from trade and investment that is as open as possible, and it would be disastrous for us to attempt to decouple from China,” Ms. Yellen said.

Persons: Janet L, Yellen, Biden, Antony J, Blinken, Ms Organizations: Financial, China Locations: United States, China, Beijing

☆ Biden’s Debt Deal Strategy: Win in the Fine Print
▼ + stars: | 2023-06-03 | by ( Jim Tankersley | ) www.nytimes.com time to read: +2 min

Mr. Biden had insisted for months that he would not negotiate over raising the borrowing limit. But privately, many aides had been planning on talks all along — though they refused to admit those talks were linked to the debt limit. The Biden team reasoned that it would have to negotiate fiscal issues this year anyway, both on appropriations bills and on programs like food stamps that are included in a regularly reauthorized farm bill. It featured work requirements and measures to speed fossil fuel projects, and it raised the debt limit for one year. Mr. Biden, under fire from business groups and others who feared the standoff could result in the United States running out of money before the debt limit was raised, soon agreed to designate a team of negotiators.

Persons: Biden, Lael Brainard, Janet L, McCarthy, Young, Michael Linden, Louisa Terrell, Ricchetti Organizations: Biden, National Economic Council, Social Security, White House Locations: United States

☆ Biden Signs Fiscal Responsibility Act in End to Debt Limit Crisis
▼ + stars: | 2023-06-03 | by ( Michael D. Shear | ) www.nytimes.com time to read: +1 min

President Biden signed the Fiscal Responsibility Act of 2023 into law on Saturday, ending for now the threat of economic calamity from a default on the nation’s debt and putting limits on spending for two years. The White House issued a statement saying that Mr. Biden had signed the legislation, days after it was passed by the House and the Senate following weeks of sometimes bitter negotiations with Republicans. Economists had predicted that if it did so, the resulting collapse in faith in America’s financial promises would cause economic instability around the world. To avoid that, the legislation Mr. Biden signed suspends the nation’s debt ceiling, allowing the government to borrow what it needs to meet its obligations. In remarks to the nation on Friday evening, Mr. Biden said it had been crucial for Republicans and Democrats to find a way to reach an accommodation.

Persons: Biden, Mr, Biden’s, Janet L Organizations: White, Republicans

☆ Harry to become first British royal in 130 years to give evidence in court
▼ + stars: | 2023-06-02 | by ( Michael Holden | ) www.reuters.com time to read: +4 min

SummarySummary Companies Prince, celebrities accuse tabloids of phone-hackingHarry to appear in witness box in London's High CourtRoyal aides likely to feature in cross-examinationHarry first senior British royal to testify since 1890sLONDON, June 2 (Reuters) - Prince Harry will become the first senior British royal to give evidence in court for 130 years when he testifies next week in his lawsuit against a newspaper group he accuses of unlawful behaviour. More than 100 people are suing MGN, with Harry and three others selected as test cases. MGN is contesting the allegations and says senior figures denied knowing anything about hacking and had any wrongdoing concealed from them. Instead, Buckingham Palace is likely to feature prominently in Harry's cross-examination, with MGN arguing that some information had come from royal aides. Harry has said that his family and their aides had been complicit in leaking negative stories to protect or enhance their own reputations.

Persons: Harry, Prince Harry, King Charles, Edward VII, David Yelland, Rupert Murdoch's Sun, MGN, David Sherborne, Piers Morgan, Meghan, Morgan, Yelland, Elton John, Michael Holden, Kate Holton, Janet Lawrence Organizations: Royal, Mirror Group, Daily, Sunday, Netflix, Reach, Sunday People, High Court, Sunday Mail, Thomson Locations: British, Buckingham, London

☆ Village garbage man helped unearth ancient bronze statues in Tuscany
▼ + stars: | 2023-06-02 | by ( Alvise Armellini | ) www.reuters.com time to read: +5 min

About two dozen bronze statues from the third century BC to the first century AD, extracted from the ruins of an ancient spa, will go on display in Rome's Quirinale Palace from June 22, after months of restoration. When the discovery was announced in November, experts called it the biggest collection of ancient bronze statues ever found in Italy and hailed it as a breakthrough that would "rewrite history". The statues were found in 2021 and 2022 in the hilltop village of San Casciano dei Bagni, still home to popular thermal baths, where archaeologists had long suspected ancient ruins could be discovered. Digging started in 2019 on a small plot of land next to the village's Renaissance-era public baths, but weeks of excavations revealed "only traces of some walls", San Casciano Mayor Agnese Carletti said. Then former bin man and amateur local historian Stefano Petrini had "a flash" of intuition, remembering that years earlier he had seen bits of ancient Roman columns on a wall on the other side of the public baths.

Persons: dei, Casciano Mayor Agnese Carletti, Stefano Petrini, San, Petrini, Emanuele Mariotti, Maria Giuseppina Valeri, Laura Rivaroli, Roman, San Casciano dei, Ada Salvi, Salvi, Mariotti, Marcius Grabillo, Janet Lawrence Organizations: Casciano Mayor, Culture Ministry, Grosseto, Arezzo, Thomson Locations: Rome, Italy, Tuscany, Quirinale, San, Casciano, San Casciano's, San Casciano, Tuscan, Siena

☆ Debt Ceiling Senate on Brink of Passing Debt Limit Bill
▼ + stars: | 2023-06-01 | by ( Carl Hulse | Catie Edmondson | ) www.nytimes.com time to read: +4 min

The wrangling over the nation’s debt limit raises a lot of questions, including what it actually is and why the United States has one. What is the debt limit? Why does the United States have a debt limit? While the debt limit was created to make government run more smoothly, many policymakers believe that it has become more trouble than it’s worth. What happens if the debt limit is not raised or suspended?

Persons: Janet L, Yellen, Ms Organizations: Congress, United, Treasury Department, Treasury, Liberty Bond Act, Wall Street, Social Security Locations: United States

☆ Debt Limit Fight Moves to the Senate as Default Date Nears
▼ + stars: | 2023-06-01 | by ( Carl Hulse | ) www.nytimes.com time to read: +1 min

Debate on a bipartisan bill to suspend the debt limit and impose spending caps moved on Thursday to the Senate, where leaders of both parties were racing to quell shut down efforts to derail it in both parties in time to clear the measure for President Biden’s signature before a potential government default on Monday. The morning after the House overwhelmingly passed legislation, Senator Chuck Schumer, Democrat of New York and the majority leader, said the Senate would remain in session until it approved the package. He warned lawmakers against engaging in brinkmanship before the so-called X-date, when Treasury Secretary Janet L. Yellen has said the government will run out of cash to pay its bills. “Time is a luxury the Senate does not have if we want to prevent default,” Mr. Schumer said. “June 5 is less than four days away.

Persons: Biden’s, Chuck Schumer, Janet L, Yellen, Mr, Schumer, “, cautioning Organizations: Senate Locations: New York

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