Headline Roundup • March 10th, 2023
Yellen Urges Action on Debt Ceiling, Addresses Bank Collapse in House Testimony
Economy And Jobs,Janet Yellen,US Treasury,Debt Ceiling,Business,Federal Spending,Silicon Valley Bank
Summary from the AllSides News Team
United States Treasury Secretary Janet Yellen testified to the House Ways and Means Committee on Friday, urging action to address the debt ceiling and addressing the collapse of the Silicon Valley Bank.
For Context: The U.S. hit its $31.4 trillion debt ceiling in January. Yellen previously indicated the treasury can enact “extraordinary measures” to pay the government’s bill until the summer, at which point the government faces a potential debt default.
Key Quotes: Speaking on the U.S. reaching the debt ceiling, Yellen said, “in my assessment — and that of economists across the board — a default on our debt would trigger an economic and financial catastrophe.” Yellen urged “all members of Congress to come together to address the debt limit — without conditions and without waiting until the last minute.” Addressing a Republican proposal to prioritize certain payments, Yellen said, “prioritization is simply not paying all of the government's bills when they come due,” adding that “we're kidding ourselves because not paying the government's bills will produce economic and financial collapse.” Speaking on the collapse of Silicon Valley Bank, Yellen said, “there are recent developments that concern a few banks that I'm monitoring very carefully and when banks experience financial loss it is and should be a matter of concern.”
How The Media Covered It: Left- and center-rated outlets focused more on Yellen’s comments regarding the dangers of the U.S. defaulting on its debt. Right-rated outlets focused more on her comments regarding Silicon Valley Bank and racial bias.
Featured Coverage of this Story
REUTERS/Evelyn Hockstein
U.S. Treasury Secretary Janet Yellen urged members of the U.S. House of Representatives on Friday to raise the federal debt ceiling without conditions, warning that a default on U.S. debt would cause "economic and financial collapse."
Yellen, in budget testimony before the Republican-controlled House Ways and Means Committee, said that failure to increase the $31.4 trillion borrowing cap would threaten the economic progress that the U.S. has made since the COVID-19 pandemic.
"In my assessment - and that of economists across the board - a default on our debt would...
The way to ensure the government can keep paying its bills is to raise or suspend the debt limit, Treasury Secretary Janet Yellen told lawmakers Friday — not prioritize payments, as some Republicans have proposed.
"In my assessment and those of economists across the board, a default on our debt would trigger an economic and financial catastrophe," Yellen said. "I urge all members of Congress to come together to address the debt limit without conditions and without waiting until the last minute."
The government reached the maximum amount it is...
Photo by Justin Sullivan/Getty Images
Treasury Secretary Janet Yellen said on Friday the U.S. banking system "remains resilient" after U.S. regulators seized the assets of Silicon Valley Bank, roiling global financial markets and setting investors on edge.
Yellen met with officials from the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency on Friday to discuss developments surrounding SVB, according to a statement from the Treasury Department.
"Secretary Yellen expressed full confidence in banking regulators to take appropriate actions in response and noted that the banking system remains...
