The US Finance Minister has sent a letter to the Congress of this country warning of the risk of government bankruptcy and has said that the available information on the collection of tax revenues has forced this ministry to advance its forecast of the debt collection date.
Publish dateWednesday 3 May 2023 - 09:21
Story Code : 269348
Afghan Voice Agency (AVA): Janet Yellen, the US Finance Minister, has warned in a letter to the speaker of the country's parliament that due to the non-collection of part of the tax revenues, the US government may have to wait until the next month of this year. 1 June) is unable to pay his debt (loan) and becomes bankrupt.
According to IRNA, in this letter, the US Finance Minister asked the Congress of this country to increase the government's debt ceiling before this date or to suspend its implementation in order to prevent such a situation.
Previously, economists had predicted that Washington's debt would increase to the set limit by the end of June this year. However, experts have warned that the collection of less than expected tax revenues will lead to the advance of this date.
The White House has refused to talk to McCarthy for the past two months, demanding that the Republican-controlled House unconditionally approve the debt ceiling increase. The Republican faction of the parliament also asked the government to drastically reduce federal spending.
In less than a week, the Republican plan to increase the federal government's debt ceiling and reduce government spending will be presented in the parliament.
Yellen had previously warned that the failure of Congress to increase the US government's debt ceiling and the resulting bankruptcy would lead to an "economic disaster" and would raise interest rates for years to come.
He added that the US government's inability to pay its debts will lead to the destruction of jobs and the increase of interest on mortgages, car loans and credit cards.
According to him, increasing or suspending the US government's debt ceiling of 31.4 trillion dollars is the "fundamental responsibility" of the Congress, and the bankruptcy of the government threatens the economic progress of the US since the Corona pandemic.
According to IRNA, in this letter, the US Finance Minister asked the Congress of this country to increase the government's debt ceiling before this date or to suspend its implementation in order to prevent such a situation.
Previously, economists had predicted that Washington's debt would increase to the set limit by the end of June this year. However, experts have warned that the collection of less than expected tax revenues will lead to the advance of this date.
The White House has refused to talk to McCarthy for the past two months, demanding that the Republican-controlled House unconditionally approve the debt ceiling increase. The Republican faction of the parliament also asked the government to drastically reduce federal spending.
In less than a week, the Republican plan to increase the federal government's debt ceiling and reduce government spending will be presented in the parliament.
Yellen had previously warned that the failure of Congress to increase the US government's debt ceiling and the resulting bankruptcy would lead to an "economic disaster" and would raise interest rates for years to come.
He added that the US government's inability to pay its debts will lead to the destruction of jobs and the increase of interest on mortgages, car loans and credit cards.
According to him, increasing or suspending the US government's debt ceiling of 31.4 trillion dollars is the "fundamental responsibility" of the Congress, and the bankruptcy of the government threatens the economic progress of the US since the Corona pandemic.
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