Treasury Secretary Janet Yellen is reaching out to U.S. business and financial leaders to explain the 'catastrophic' impact a U.S. default on its debt would have on the U.S. and global economies, two sources familiar with the matter said on Monday.
U.S. Treasury Secretary Janet Yellen discusses "U.S.-China Economic Relationship" during a forum hosted by the Johns Hopkins University at the Nitze Building in Washington, U.S., April 20, 2023. REUTERS/Sarah Silbiger/File Photo
The Treasury secretary is having one-on-one conversations with individual CEOs to warn them about the "dangerous consequences of the current brinkmanship," one of the sources said. While the sources did not spell out her purpose, Biden administration officials have been speaking to business owners about pressuring Republicans to raise the debt ceiling without conditions.
Talks on the issue should not take place "with a gun to the head of the American people," Yellen said in a pointed reference to Republican lawmakers' insistence on tying a debt-ceiling increase to sweeping spending cuts that Democrats oppose.
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