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Yellen to meet Chinese counterpart in Switzerland a day before US debt ceiling


Treasury Secretary Janet Yellen will be out of the country this week as the United States is expected to reach its Thursday debt limit.

The secretary is due to meet Chinese Vice Premier Liu He in Switzerland on Wednesday to discuss macroeconomic developments and other economic issues. It will mark the first in-person meeting between the leaders and follows three virtual meetings, according to the Treasury Department.

On Friday, Yellen warned that unless Congress acts quickly, the government may be unable to pay its bills as early as June.

The debt ceiling is the legal limit on the total amount of debt the federal government can borrow on behalf of the public, including Social Security and Medicare benefits, military salaries, and tax refunds.

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On Friday, Treasury Secretary Janet Yellen warned that unless Congress acts quickly, the government may not be able to pay its bills as early as June.
(Chung Sung-Jun/Pool via Reuters)

In a letter to the big four congressional leaders, Yellen said the Treasury Department would begin rolling out so-called “extraordinary measures” to prevent the United States from defaulting.

The emergency measures should give Congress until at least early June to raise or suspend the country’s current $31.4 trillion borrowing limit, she added.

The Biden administration is asking Congress to take action to avoid hitting the debt limit.

The Biden administration is asking Congress to take action to avoid hitting the debt limit.
(Anna Moneymaker)

“Failure to meet government obligations would cause irreparable harm to the American economy, the livelihoods of all Americans, and global financial stability,” Yellen said. “I respectfully urge Congress to act quickly to protect the faith and credit of the United States.”

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"I respectfully urge Congress to act quickly to protect the faith and credit of the United States," Yelen said.

“I respectfully urge Congress to act quickly to protect the faith and credit of the United States,” Yellen said.
(CBS/Screenshot)

A Treasury Department spokesperson did not immediately respond to Fox News Digital’s request for comment.

Fox News’ Megan Henney contributed to this report.

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