Treasury Secretary Janet Yellen told Americans on Tuesday that their household finances were &#8220;quite strong&#8221; despite numerous polls indicating that&#8217;s not at all what average families are seeing from their kitchen tables.
Yellen made the assertion during an interview that aired on CNBC, where she concede that some lower-income families might be close to &#8220;exhausting&#8221; any buffers they may have had with regard to savings — but insisted that otherwise, household finances and the economy as a whole were &#8220;quite strong.&#8221;
WATCH:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
.⁦<a href="https://twitter.com/SecYellen?ref_src=twsrc%5Etfw">@SecYellen</a>⁩ tells Americans that their household finances are “quite strong” <a href="https://t.co/gV1ns38B4U">pic.twitter.com/gV1ns38B4U</a>
&mdash; Tom Elliott (@tomselliott) <a href="https://twitter.com/tomselliott/status/1777668796330746095?ref_src=twsrc%5Etfw">April 9, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&#8220;I believe inflation will continue to come down,&#8221; Yellen said — and when asked whether she believed the economy would &#8220;continue to hold up&#8221; in the days to come, she replied, &#8220;I think we&#8217;ve got a good, strong economy.&#8221;
&#8220;We&#8217;ve got very strong domestic demand, consumers are holding up — some low income consumers are perhaps exhausting their buffers of saving that they built up during the pandemic, we&#8217;re seeing a little bit more distress at the household level there, but generally households are in very good financial shape, our financial system is generally quite strong,&#8221; Yellen continued.
Yellen&#8217;s comments come on the heels of a number of polls indicating that average Americans do not agree with her — and many of them believe they were economically better off under former President Donald Trump than they have been under President Joe Biden.
A recent evaluation of several polls — compiled in late March by the <a href="https://www.brookings.edu/articles/how-voters-feel-about-the-economy-4-takeaways-from-the-latest-polls/" target="_blank" rel="noopener">Brookings Institution</a> — showed that nearly across the board, Americans don&#8217;t believe the Biden economy has done them any favors.
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A <a href="https://www.nytimes.com/2024/03/05/business/economy/biden-economy-times-siena-poll.html" target="_blank" rel="noopener">New York Times poll</a> conducted in early March, for example, showed that just 26% saw economic conditions as &#8220;excellent or good.&#8221; More than half (51%) said conditions were &#8220;poor&#8221; and 23% said that economic conditions were &#8220;fair.&#8221;
An <a href="https://d3nkl3psvxxpe9.cloudfront.net/documents/econTabReport_mTlzQOB.pdf#page=111" target="_blank" rel="noopener">Economist/YouGov survey</a> published in late March did not paint a rosier picture for Biden: just over one-fifth of voters (21%) believed the economy was getting better, while more than half (52%) said that it was getting worse.
A March poll from <a href="https://www.cbsnews.com/news/poll-trump-leads-biden-economy/" target="_blank" rel="noopener">CBS News</a> took things a step further, asking voters to directly compare Biden&#8217;s economy to Trump&#8217;s: when they did so, only 38% rated Biden&#8217;s economy as good — compared to 65% who said Trump&#8217;s economy was good.

Janet Yellen

Sec Yellen Econ-Splains To Average Americans: Your Finances Are Fine, Everything Is Fine

Economy

Inflation

Joe Biden

U.S.

<div>
Asked whether the Treasury Department urged financial institutions to examine legal purchases for signs of extremism, Treasury Secretary Janet Yellen dodged the question, Fox News <a href="https://www.foxbusiness.com/politics/yellen-dodges-whether-treasury-department-moved-surveil-americans-legal-purchases">reported</a>.
</div>
<div>
In January, the House Judiciary Committee <a href="https://www.foxnews.com/politics/house-gop-investigating-bank-america-voluntarily-fbi-list-customers-jan-6" target="_blank" rel="noopener">asserted</a> that federal investigators, as part of an investigation into the events of January 6, 2021, urged banks to search and filter legal purchases with terms like &#8220;MAGA,” “Trump,” “Dick&#8217;s Sporting Goods,” “Cabela&#8217;s,”  and “Bass Pro Shops” while warning that the sale of “religious texts” could indicate &#8220;extremism.&#8221;
House Judiciary Committee Chair Jim Jordan <a href="https://judiciary.house.gov/sites/evo-subsites/republicans-judiciary.house.gov/files/evo-media-document/2024-01-17-jdj-to-bishoff-re-ti-request.pdf">stated in a letter</a> that after Jan. 6, the Treasury Department’s Office of Stakeholder Integration and Engagement in the Strategic Operations of the Financial Crimes Enforcement Network (FinCEN), sent banks outlines “typologies” of “various persons of interest” as well as “suggested search terms and Merchant Category Codes for identifying transactions on behalf of federal law enforcement.”
</div>
<div>
“According to this analysis, FinCEN warned financial institutions of ‘extremism’ indicators that include ‘transportation charges, such as bus tickets, rental cars, or plane tickets, for travel areas with no apparent purpose,’ or ‘the purchase of books (including religious texts) and subscriptions to other media containing extremist views,’” Jordan wrote to the former director of FinCEN. “In other words, FinCEN used large financial institutions to comb through the private transactions of their customers for suspicious charges on the basis of protected political and religious expression.”
</div>
<div>
On Tuesday, Rep. Ann Wagner (R-MO) <a href="https://katv.com/news/nation-world/treasury-secretary-wont-say-whether-dept-surveils-americans-purchases-concerning-janet-yellen-ann-wagner-fincen-transactions-financial-crimes-enforcement-network" target="_blank" rel="noopener">stated</a>, “Increasingly, we are hearing the federal government is suggesting banks search private financial transactions using highly partisan political terms or check to see if customers made purchases that could be associated with legal sales of firearms or even religious texts.”
</div>
<div>
She asked Yellen, &#8220;Has Treasury — including FinCEN or federal banking agencies like the Fed, FDIC, OCC — instructed financial institutions to search Americans&#8217; legal transactions in attempts to surveil their purchases?”
</div>
<div>
“Well, we received the letter from you, I believe, on this topic, and we intend to investigate and to respond,” Yellen dodged. 
</div>
<div>
“Have you instructed banks and financial institutions to provide this information?” Wagner pressed.
</div>
<div>
&#8220;Well, FinCEN, our job is to work with financial institutions to make sure —&#8221; Yellen replied.
</div>
<div>
&#8220;Are they instructing financial institutions to search Americans&#8217; legal transactions in attempts to surveil their purchases?&#8221; Wagner reiterated.
</div>
<div>
&#8220;I promise a thorough look into everything,&#8221; Yellen answered.
</div>

Treasury Secretary Janet Yellen On Capitol Hill

Janet Yellen Dodges Questions On Whether Biden Treasury Dept Urged Banks To Search Private Transactions

Banks

Privacy

Treasury Department

Senator <a class="c-link c-link--focus-visible" href="https://www.dailywire.com/topic/tim-scott" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.dailywire.com/topic/tim-scott" data-sk="tooltip_parent">Tim Scott</a> (R-SC) pressed Treasury Secretary Janet Yellen on Friday over a report that said federal officials instructed banks to turn over customer data of transactions flagged with terms like “TRUMP” or “MAGA.”
Scott’s letter came after documents obtained by the Select Subcommittee on the Weaponization of the Federal Government showed that the Financial Crimes Enforcement Network (FinCEN) had flagged the terms as part of its investigation related to the January 6 riot. Banks were also told to look at transactions involving the purchase of religious texts and outdoor sporting goods stores like Cabela’s. 
“These allegations, if true, represent a flagrant violation of Americans’ privacy and the improper targeting of U.S. citizens for exercising their constitutional rights without due process,” Scott, the ranking member of the Senate Banking Committee, <a href="https://www.banking.senate.gov/imo/media/doc/rmscottlettertofincen11924.pdf" target="_blank" rel="noopener">wrote</a>. 
FinCEN reportedly asked banks to help federal law enforcement identify transactions of persons of interest using specific typologies and Merchant Category Codes after January 6, 2021. The letter was also sent to FinCEN Director Andrea Gacki.
In the letter, Scott asked Yellen if the Treasury Department had any role in soliciting private financial data from the banks and whether it was directed to do so by the FBI or the Justice Department. Scott also asked Yellen about what religious texts were seen as indicative of extremism and why sporting goods store shoppers were targeted in the federal investigation. 
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“These allegations are particularly concerning given past efforts to weaponize the financial system and payment activity against politically disfavored, lawful activity. Under the Obama- administration’s ‘Operation Choke Point’ initiative, the Department of Justice (DOJ) coordinated with federal financial regulators to intimidate financial institutions into denying services to legitimate businesses that the administration was ideologically opposed to, including gun retailers,” Scott said. 
On Thursday, House Judiciary Chair Jim Jordan <a href="https://www.dailywire.com/news/feds-flagged-terms-like-trump-maga-for-banks-to-comb-through-customer-data-jordan-says" target="_blank" rel="noopener">requested an interview</a> with Noah Bishoff, the former director of the Office of Stakeholder Integration and Engagement in the Strategic Operations Division of FinCEN, to discuss the report. 
The letter asks Bishoff to be prepared to speak to lawmakers about what safeguards FinCEN has in place to safeguard constitutional liberties, the government’s use of private financial information, and coordination between FinCEN and the private sector.

Treasury Secretary Janet Yellen Holds Meeting Of The Financial Stability Oversight Council

Tim Scott Presses Treasury Secretary Over Flagging Of ‘Trump,’ ‘MAGA’ Transactions

Congress

Department of Justice

Donald Trump

January 6

MAGA

Politics

Tim Scott

Treasury Secretary Janet Yellen signaled on Monday that she has no doubt the U.S. could fund Israel and Ukraine in their ongoing military conflicts despite America&#8217;s rising gross national debt.
In an <a href="https://news.sky.com/story/we-can-certainly-afford-two-wars-us-treasury-secretary-says-12985335" target="_blank" rel="noopener">interview</a> with Britain&#8217;s Sky News, Yellen told the outlet that the U.S. could &#8220;absolutely&#8221; afford to provide military aid to Israel in its war against the militant terrorist organization Hamas while funding more support to Ukraine in its ongoing struggle with Russia.
&#8220;America can certainly afford to stand with Israel and to support Israel&#8217;s military needs, and we also can and must support Ukraine in its struggle against Russia,&#8221; Yellen said in an interview with Sky News.
Last month, America&#8217;s gross national debt <a href="https://www.dailywire.com/news/us-national-debt-surpasses-33t-for-first-time-in-history" target="_blank" rel="noopener">surpassed</a> $33 trillion, which didn&#8217;t draw heavy concern for Yellen, who said at the time that the net interest as a share of gross domestic product (GDP) remains under control by the federal government.
In her interview with Sky News, she emphasized the U.S. economy is doing &#8220;extremely well.&#8221;
&#8220;Inflation has been high, and it&#8217;s been a concern to households, it&#8217;s come down considerably,&#8221; she said. &#8220;At the same time, we have about the strongest labor market we&#8217;ve seen in 50 years with 3.8% unemployment. And at the same time, America — the Biden administration — has passed legislation that is strengthening our economy in years to come for the medium term,&#8221; referring to the Fiscal Responsibility Act that claims to reduce budget deficits by $1.5 million over the next decade.
Yellen said the economic impacts of the Israel-Hamas war were too early to gauge, as volatile oil prices remain a concern while other Middle Eastern countries, including Iran, could get involved in the conflict.
Still, the nation&#8217;s top treasury official said Israel and Ukraine remain a &#8220;priority&#8221; for the U.S. and called on GOP House lawmakers to fill the vacant speaker position after the lower chamber of Congress removed former House Speaker Kevin McCarthy (R-CA) nearly two weeks ago.
&#8220;It&#8217;s really up to the House to find, seat a speaker and to put us in a position where legislation can be passed,&#8221; Yellen said, adding that &#8220;it shows that there&#8217;s a problem in the Republican party in terms of being able to effectively govern the country.&#8221;
Senate Majority Leader Chuck Schumer (D-NY) <a href="https://www.nytimes.com/2023/10/15/world/middleeast/israel-ukraine-aid-biden-congress.html" target="_blank" rel="noopener nofollow" data-analytics-product-module="body_link" data-analytics-post-depth="100" data-mrf-link="https://www.nytimes.com/2023/10/15/world/middleeast/israel-ukraine-aid-biden-congress.html" data-uri="fd1de9296c2b0e847f627d67f44e2411">told</a> reporters during his visit to Israel that he would not wait for the House to get in order before drafting legislation with the “most generous package” for Israel.
&#8220;We believe if we put together a strong package and pass it with an overwhelming, strong bipartisan majority, it will put pressure on the House, one way or another, to act,&#8221; Schumer said.
An <a href="https://www.dailywire.com/news/u-s-selects-2000-troops-for-potential-deployment-to-support-israel-report" target="_blank" rel="noopener">estimated</a> 1,400 Israelis have been killed since Hamas launched a brutal terrorist attack on Israel on October 7, including more than 280 soldiers, while roughly 3,200 more Israelis have been injured. In addition, Hamas is believed to have taken nearly 200 hostages. Iranian officials reportedly said Hamas would release hostages held captive in Gaza but said that making preparations to free civilians is &#8220;impossible&#8221; under Israeli bombing.
U.S. officials said on Sunday the American death toll in Israel reached 30, and more than a dozen remain missing. It is unclear how many are being held hostage in Gaza after Biden said last week that some U.S. citizens were among those taken.
During the Sky News interview, Yellen stressed the importance of sparing civilian lives &#8220;to the maximum extent possible.&#8221;
U.S. officials, including President Joe Biden, have reiterated their &#8220;unwavering support&#8221; for Israel&#8217;s right to defend itself in its war against Hamas.
Biden rejected the claim that the U.S. could not financially support Israel and Ukraine in their ongoing conflicts during an <a href="https://www.cbsnews.com/news/president-joe-biden-2023-60-minutes-transcript/" target="_blank" rel="noopener">interview</a> with &#8220;60 Minutes,&#8221; adding that both could impact the safety of America.
&#8220;We&#8217;re the United States of America for God&#8217;s sake, the most powerful nation in the history — not in the world, in the history of the world,&#8221; he said. &#8220;We can take care of both of these and still maintain our overall international defense,&#8221; he said.

The International Monetary Fund and World Bank Annual Meetings

Yellen Says U.S. Can ‘Certainly’ Afford To Provide Military Support For Israel And Ukraine

Yellen Says US Can 'Certainly' Afford To Provide Military Support For Israel And Ukraine

Biden Administration

Chuck Schumer

Department of the Treasury

Hamas

House Republicans

Israel

Ukraine

Ukraine-Russia War

America&#8217;s gross national debt surpassed $33 trillion for the first time in U.S. history on Monday as Washington, D.C., faces a potential government shutdown over federal spending.
Data reportedly published by the Treasury Department showed the national debt — which measures how much the federal government owes security holders — hit $33.04 trillion, just months after it eclipsed $32 trillion in mid-June.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a <a href="https://www.crfb.org/press-releases/national-debt-reaches-33-trillion-adds-1-trillion-debt-3-months" target="_blank" rel="noopener">news release</a> that the latest numbers reached &#8220;a new milestone that no one will be proud of.&#8221;
&#8220;Debt held by the public, meanwhile, recently surpassed $26 trillion,&#8221; MacGuineas said. &#8220;We are becoming numb to these huge numbers, but it doesn&#8217;t make them any less dangerous.&#8221;
The Congressional Budget Office confirmed last week that the underlying deficit would likely double from last fiscal year to this one, according to MacGuineas. The office reportedly <a href="https://fortune.com/2023/09/18/janet-yellen-national-debt/" target="_blank" rel="noopener">warned</a> in June that high interest rates and rising national debt could make net interest payments spike to 6.7% of GDP by 2053, according to Fortune.
&#8220;Instead of hearing about solutions, we hear promises of which programs our leaders are unwilling to touch and which taxes they are unwilling to raise,&#8221; she said. &#8220;That kind of talk is not only pandering, but it&#8217;s also downright irresponsible when we have a mess like this on our hands.&#8221;
The announcement comes as House Republicans proposed a short-term plan on Sunday that would temporarily fund the government through October 31 to avoid a shutdown and impose an 8% spending cut on federal agencies, excluding defense funding, veterans affairs, and disaster relief, <a href="https://www.foxbusiness.com/economy/us-national-debt-hits-33t-first-time-history" target="_blank" rel="noopener">according</a> to Fox Business.
But the measure received opposition from fellow GOP lawmakers while Democrats are unlikely to support it.
Michael A. Peterson, the chief executive of the budget watchdog group Peter G. Peterson Foundation, raised the alarm of a looming federal crisis.
&#8220;As we have seen with recent growth in inflation and interest rates, the cost of debt can mount suddenly and rapidly,&#8221; Peterson said, <a href="https://www.nytimes.com/2023/09/18/us/politics/us-national-debt.html" target="_blank" rel="noopener">according</a> to The New York Times. &#8220;With more than $10 trillion of interest costs over the next decade, this compounding fiscal cycle will only continue to do damage to our kids and grandkids.&#8221;
Mark Spitznagel, founder of the hedge fund Universa Investments, told Fortune in August that we&#8217;re living through the &#8220;greatest credit bubble in human history&#8221; after warning of a potential impact from the debt increase.
&#8220;We&#8217;ve never seen anything like this level of total debt and leverage in the system,&#8221; Spitznagel said. &#8220;It&#8217;s an experiment. But we know that credit bubbles have to pop. We don&#8217;t know when, but we know they have to.&#8221;
U.S. Treasury Secretary Janet Yellen <a href="https://www.cnbc.com/2023/09/18/first-on-cnbc-cnbc-transcript-united-states-treasury-secretary-janet-yellen-speaks-with-cnbcs-sara-eisen-on-squawk-on-the-street-today.html" target="_blank" rel="noopener">told</a> CNBC on Monday that she isn&#8217;t worried about the staggering debt, claiming that the net interest as a share of GDP remains under control by the federal government.
&#8220;And even with the rise we have seen in interest rates, that remains at a very reasonable level,&#8221; Yellen said, admitting that U.S. officials need to be careful about spending going forward in order to stay on this &#8220;sustainable course.&#8221;
&#8220;Certainly, greater deficit reduction is possible,&#8221; she added. &#8220;The President has proposed a series of measures that would reduce our deficits over time while investing in the economy, and this is something we need to do going forward.&#8221;
President Joe Biden <a href="https://www.dailywire.com/news/biden-signs-bill-to-increase-debt-ceiling-avoid-federal-default" target="_blank" rel="noopener">signed</a> the Fiscal Responsibility Act in June that will suspend the debt limit until January 2025 and implement restraints on spending that the Congressional Budget Office estimated would reduce budget deficits by $1.5 trillion over the next decade.

US-POLITICS-ECONOMY-DEBT

US National Debt Surpasses $33T For First Time In History

National Debt

Washington D.C.

Treasury Secretary <a href="https://www.dailywire.com/topic/janet-yellen">Janet Yellen</a> served up some laughs — as well some concerns — in talking about her experience dining on a dish with hallucinogenic mushrooms in <a href="https://www.dailywire.com/topic/china">China</a>.
In an <a href="https://www.cnn.com/2023/08/15/business/janet-yellen-magic-mushrooms-china/index.html">interview on Monday</a>, CNN&#8217;s Erin Burnett pressed Yellen to talk about her experience eating &#8220;magic mushrooms&#8221; with a group of people at a Beijing restaurant earlier this summer.
&#8220;The person who had arranged our dinner did the order and there was a delicious mushroom dish. I was not aware that these mushrooms had hallucinogenic properties. I learned that later,&#8221; Yellen said.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Treasury Secretary Janet Yellen explains eating a dish that contained “magic mushrooms” on her recent trip to China:
“There was a delicious mushroom dish. I was not aware that these mushrooms had hallucinogenic properties. I learned that later.” <a href="https://t.co/WFRe92hHT8">pic.twitter.com/WFRe92hHT8</a>
&mdash; The Recount (@therecount) <a href="https://twitter.com/therecount/status/1691528097047232512?ref_src=twsrc%5Etfw">August 15, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
An amused Burnett asked Yellen if she had any visions, perhaps when she was sleeping. Through a fit of giggles, Yellen insisted that she did not start tripping.
&#8220;I read that if the mushrooms are cooked properly, which I&#8217;m sure they were at this very good restaurant, that they have no impact,&#8221; the secretary said. &#8220;But all of us enjoyed the mushrooms — the restaurant and none of us felt any ill effects from having eaten them.&#8221;
Some people reacted to the exchange on social media with glee and humor — including NPR correspondent David Gura making a <a href="https://twitter.com/davidgura/status/1691509934683312129">economics joke</a> about how the &#8220;effects were transitory&#8221; — while others expressed uneasiness or ridiculed the Biden administration official.
&#8220;A Biden cabinet member was served hallucinogenic mushrooms in China? Can’t make this stuff up,&#8221; Sen. John Cornyn (R-TX) said in <a href="https://twitter.com/JohnCornyn/status/1691506370564988931">a post to X</a>.
&#8220;Intelligence officers use psychedelics to compromise their targets,&#8221; Eric Garland, a self-described geopolitical analyst with nearly 300,000 followers on X, <a href="https://twitter.com/ericgarland/status/1691517767474634753">said</a> in a post. &#8220;If they targeted Janet Yellen as part of an operation, diplomatic punishments should be swift and harsh.&#8221;
Steve Guest, a conservative commentator, <a href="https://twitter.com/SteveGuest/status/1691441249671118848">observed</a>, &#8220;Joe Biden&#8217;s America: The Treasury Secretary gets booked on CNN to talk about shrooming while in China,&#8221; while the Republican National Committee&#8217;s Jake Schneider <a href="https://twitter.com/jacobkschneider/status/1691446055169064960">quipped</a>, &#8220;This is a very serious administration.&#8221;
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Yellen made the trip to China in early July. She ate at the restaurant — part of a Yunnan food chain called Yi Zuo Yi Wang — shortly after landing in Beijing, according to CNN, which also <a href="https://edition.cnn.com/travel/yunnan-cuisine-beijing-restaurant-mushrooms-yellen-intl-hnk/index.html">reported</a> the restaurant later posted to the Chinese social media platform Weibo to share that staff said Yellen &#8220;loved&#8221; the mushrooms &#8220;very much. She ordered four portions of jian shou qing (a Yunnan wild mushroom species). It was an extremely magical day.&#8221;
During her interview with the secretary, Burnett noted the chain&#8217;s wild mushroom dish has been selling out in locations around China ever since Yellen&#8217;s meal at the restaurant &#8220;set off a frenzy.&#8221;
While in China, Yellen set her focus on discussing issues such as economic competition, national security, and &#8220;climate finance.&#8221; By the end, she insisted the talks <a href="https://www.politico.com/news/2023/07/08/janet-yellen-china-talks-00105311">were &#8220;productive.&#8221;</a>
But Yellen <a href="https://www.dailywire.com/news/treasury-secretary-ripped-for-bowing-to-chinese-official">garnered some criticism</a> with the emergence of video footage showing her bowing repeatedly to a Chinese official during the visit to Beijing.

Yellen Admits To Eating ‘Magic Mushrooms’ In China

Yellen Dishes On Eating 'Magic Mushrooms' In China

China

General

World

One of the &#8220;Big Three&#8221; credit agencies lowered the United States&#8217;s rating by a tick on Tuesday, eliciting swift condemnation from Biden administration officials who said they &#8220;strongly disagree&#8221; with the change.
Fitch Ratings <a href="https://www.fitchratings.com/research/sovereigns/fitch-downgrades-united-states-long-term-ratings-to-aa-from-aaa-outlook-stable-01-08-2023">downgraded</a> the country&#8217;s Long-Term Foreign-Currency Issuer Default Rating from top-rated &#8220;AAA&#8221; to &#8220;AA+&#8221; in a move that could lead to higher interest rates and borrowing costs. It follows the federal government <a href="https://www.dailywire.com/news/biden-signs-bill-to-increase-debt-ceiling-avoid-federal-default">narrowly avoiding</a> a default on its debt earlier this summer and several weeks ahead of <a href="https://www.dailywire.com/news/gop-congressman-makes-case-for-why-we-should-not-fear-a-government-shutdown">a possible shutdown</a> if a politically-divided Congress fails to come to an agreement on spending for the next fiscal year.
&#8220;The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to &#8216;AA&#8217; and &#8216;AAA&#8217; rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions,&#8221; Fitch said in a <a href="https://www.fitchratings.com/research/sovereigns/fitch-downgrades-united-states-long-term-ratings-to-aa-from-aaa-outlook-stable-01-08-2023">release</a>.
Fitch indicated the change was a long time coming, noting &#8220;there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025.&#8221;
The credit agency, which had placed the U.S. government&#8217;s &#8220;AAA&#8221; rating on a <a href="https://www.fitchratings.com/research/sovereigns/fitch-places-united-states-aaa-on-rating-watch-negative-24-05-2023">&#8220;negative&#8221; watch this past May</a>, also cited other factors in announcing the change on Tuesday, including projections that show &#8220;tighter credit conditions, weakening business investment, and a slowdown in consumption will push the U.S. economy into a mild recession.&#8221;
Treasury Secretary Janet Yellen and the White House issued separate statements that each said they &#8220;strongly disagree&#8221; with the change. While Yellen <a href="https://home.treasury.gov/news/press-releases/jy1665">called the decision</a> &#8220;arbitrary and based on outdated data,&#8221; White House Press Secretary Karine Jean-Pierre waded into politics.
&#8220;The ratings model used by Fitch declined under President Trump and then improved under President Biden, and it defies reality to downgrade the United States at a moment when President Biden has delivered the strongest recovery of any major economy in the world,&#8221; Jean-Pierre said. &#8220;And it’s clear that extremism by Republican officials — from cheerleading default, to undermining governance and democracy, to seeking to extend deficit-busting tax giveaways for the wealthy and corporations — is a continued threat to our economy.&#8221;
It&#8217;s been more than a decade since the first and last time the U.S. faced such a downgrade. In 2011, S&amp;P bumped the U.S. long-term rating from its &#8220;AAA&#8221; perch to &#8220;AA+&#8221; — where it stands today — citing &#8220;<a href="https://www.washingtonpost.com/wp-srv/politics/documents/spratingreport_080611.pdf?itid=lk_inline_manual_3">political brinkmanship</a>&#8221; and the debt burden just days after then-President Barack Obama <a href="http://www.cnn.com/2011/POLITICS/08/02/debt.talks/index.html">signed legislation</a> to lift the debt ceiling just days before it was estimated the U.S. could have defaulted on its financial obligations.
After Fitch announced its downgrade on Tuesday, following years of rising U.S. government budget numbers and the debt doubling since 2011 <a href="https://www.usdebtclock.org/">to more than $32 trillion</a>, Republicans argued the change was an indicator of too much spending and borrowing.
&#8220;Today’s decision by Fitch Ratings to downgrade U.S. sovereign debt to ‘AA+’ is yet another sign that incessant and irresponsible borrowing to fund bigger government is not without real repercussions,&#8221; Rep. David Schweikert (R-AZ) <a href="https://twitter.com/RepDavid/status/1686519353997467648">said</a> in a post to X. &#8220;I’ve been outspoken in my belief that we need to get America’s fiscal house in order before it’s too late. Fitch’s downgrade should be seen as exactly what it is — a warning that continuing down the path of out-of-control borrowing will and does have serious consequences.&#8221;

Visitors tour the US Capitol in Washington, DC

Fitch Downgrades US Credit Rating; Biden Officials ‘Strongly Disagree’

Fitch Downgrades US Credit Rating; Biden Officials 'Strongly Disagree'

Biden Treasury Secretary Janet Yellen said during an interview over the weekend that the administration will take action to protect national security, even if it &#8220;harms our own narrow economic interests.&#8221;
Yellen made the remarks while in Beijing during an interview with CBS News&#8217;s &#8220;Face The Nation&#8221; with host Margaret Brennan.
Brennan asked Yellen if she had &#8220;a sense of what the retaliation will be from China&#8221; if the administration imposes further &#8220;restrictions on high-end technology sales&#8221; to the nation.
&#8220;Well, an objective of my trip was to explain that national security is something that we can&#8217;t compromise about and we will protect, and we will do so even if it harms our own narrow economic interests,&#8221; she said. &#8220;But that when we take such actions, which do have an effect on the Chinese economy, that we will make sure that they are transparent, narrowly targeted, and well explained.&#8221;
Yellen said she &#8220;certainly expressed concern&#8221; about China&#8217;s <a href="https://www.dailywire.com/news/china-restricts-export-on-2-minerals-that-could-damage-economy">decision</a> to restrict exports of two minerals critical to the U.S. economy and military.
&#8220;Our own actions are narrowly targeted to address national security concerns, and I- it&#8217;s not clear that the actions that the Chinese took are similarly narrowly targeted at their national security concerns,&#8221; she said. &#8220;So this is an area that I expressed concern about.&#8221;
She said she went to China to &#8220;make sure that we don&#8217;t engage in a series of unintended escalatory actions that will be harmful to our overall economic relationship with one another.&#8221;
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&#8220;And we have had very little contact, both senior officials, and also just the American people and the Chinese people who&#8217;ve had very little contact with one another over the last several years, in part because of COVID,&#8221; she said. &#8220;And that&#8217;s a situation where misunderstandings can develop. We have a new team on the economic side in Beijing, that it&#8217;s important to establish person-to-person relationships, and to open ongoing channels of communication, where concerns can be aired and discussed. And I do think my trip has been successful in forging those relationships and creating the opportunity for a deeper set of more frequent contacts at our staff levels.&#8221;
WATCH:
<iframe loading="lazy" title="Full interview: Treasury Secretary Janet Yellen" width="500" height="281" src="https://www.youtube.com/embed/GgvQWCA1p6E?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

CHINA-US-DIPLOMACY

Biden Treasury Secretary: We’ll Take Action On China Even If It ‘Harms’ Our Economy

Biden Treasury Secretary: We'll Take Action On China Even If It 'Harms' Our Economy

Communist China

Global Politics

Treasury Secretary <a href="https://www.dailywire.com/topic/janet-yellen">Janet Yellen</a> is facing criticism for bowing repeatedly to a <a href="https://www.dailywire.com/topic/china">Chinese</a> official during a visit to Beijing on Saturday.
Video <a href="https://www.youtube.com/watch?v=20d4DtvIMtk">published by Reuters</a> shows Yellen smiling and while giving a slight bow three times as she shook hands with Chinese Vice Premier He Lifeng, who did not bow during the seconds-long clip.
“Never, ever, ever,” Bradley Blakeman, a top White House aide to President George W. Bush, <a href="https://nypost.com/2023/07/08/us-treasury-secretary-janet-yellen-commits-embarrassing-bow-during-beijing-visit/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=nypost">told The New York Post</a> in response to the exchange. “An American official does not bow. It looks like she’s been summoned to the principal’s office, and that’s exactly the optics the Chinese love.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Treasury Secretary Janet Yellen greets Chinese Vice Premier He Lifeng in Beijing earlier today <a href="https://t.co/iYcA7Jmuz6">pic.twitter.com/iYcA7Jmuz6</a>
&mdash; RNC Research (@RNCResearch) <a href="https://twitter.com/RNCResearch/status/1677812728277204992?ref_src=twsrc%5Etfw">July 8, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The publication also reported Jerome Cohen, an emeritus professor at New York University and expert in Chinese law and government, said, “Bowing is not part of the accepted protocol.&#8221;
While some argued the display was not a big deal, others reacted with disgust on social media as the video of Yellen bowing was shared by various accounts, including one for the Republican National Committee.
&#8220;I can’t stand this woman,&#8221; <a href="https://twitter.com/MarinaMedvin/status/1677848685386821635">tweeted</a> defense attorney Marina Melvin. &#8220;BTW she’s bowing to him because she genuinely wants to. It’s natural for her. She’s an obsequious commie lover.&#8221;
Grabien founder Tom Elliott <a href="https://twitter.com/tomselliott/status/1677835387559895040">said</a>, &#8220;Her bowing is an embarrassment to every non-communist American.&#8221;
&#8220;How many times does she think she has to bow?&#8221; <a href="https://twitter.com/mirandadevine/status/1677834119462416385">asked</a> New York Post columnist Miranda Devine, who added a &#8220;grimacing face&#8221; emoji.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
How many times does she think she has to bow? 😬 <a href="https://t.co/NAvHnLRjCf">https://t.co/NAvHnLRjCf</a>
&mdash; Miranda Devine (@mirandadevine) <a href="https://twitter.com/mirandadevine/status/1677834119462416385?ref_src=twsrc%5Etfw">July 9, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Yellen had an introductory meeting with He to &#8220;build on&#8221; U.S. President Joe Biden and Chinese leader Xi Jinping&#8217;s &#8220;guidance to deepen engagement between key senior officials on macroeconomic issues,&#8221; <a href="https://home.treasury.gov/news/press-releases/jy1601">said</a> a readout from the Treasury Department.
&#8220;The meeting was candid, constructive, and comprehensive,&#8221; the readout added. &#8220;While raising issues of concern, Secretary Yellen discussed the Administration’s approach to seek healthy economic competition with China, with a level playing field for American workers and businesses. They also exchanged views on global and domestic macroeconomic outlooks.&#8221;
The readout continued, &#8220;Secretary Yellen also conveyed that even when the United States and China have disagreements, it is vital that the two countries find ways to work together on issues of shared – and global – concern, including debt distress in low-income and emerging economies and climate finance.&#8221;
<a href="https://www.washingtonpost.com/business/2023/07/08/yellen-beijing-meeting-he-lifeng/">According to The Washington Post</a>, Yellen flubbed He&#8217;s name, calling him &#8220;Vice Premier Hu,&#8221; as they spoke about shoring up ties between their respective nations during a <a href="https://www.dailywire.com/news/u-s-cheers-candid-talks-with-china-after-months-of-rising-tensions">time of rising tensions</a>.

US Treasury Secretary Janet Yellen Visits Beijing

Treasury Secretary Ripped For Bowing To Chinese Official

President <a href="https://www.dailywire.com/topic/joe-biden" target="_blank" rel="noopener">Joe Biden</a> and House Speaker <a href="https://www.dailywire.com/topic/kevin-mccarthy" target="_blank" rel="noopener">Kevin McCarthy</a> (R-CA) are expected to meet on Monday to get <a href="https://www.dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a> negotiations back on track.
McCarthy said the plan for another round of face-to-face talks between the leaders emerged from a &#8220;productive&#8221; conversation by phone as Biden flew back to the United States from Japan on Sunday.
“I think we can solve some of these problems if he understands what we’re looking at,” the speaker told reporters on Capitol Hill, <a href="https://apnews.com/article/debt-limit-default-biden-mccarthy-spending-cuts-a3103f25ac6772816330f82481388f17" target="_blank" rel="noopener">according to the Associated Press</a>. “But I’ve been very clear to him from the very beginning. We have to spend less money than we spent last year.&#8221;
The White House confirmed the pair spoke by phone on Sunday and made arrangements to revive negotiations that had hit a snag leading into the weekend.
&#8220;Their staffs will reconvene at 6 p.m. this evening to discuss remaining issues. The President and the Speaker will meet later tomorrow,&#8221; a White House official told reporters.
Time is running out to end the standoff between the White House and the GOP-led House, which passed a bill that would allow the limit to be lifted by $1.5 trillion in exchange for spending cuts and reforms. Congressional leaders met with Biden at the White House last week, underscoring progress made in creating a dialogue, but conversations were <a href="https://apnews.com/article/debt-limit-mccarthy-biden-default-negotiations-1b97de28d26b85da268cfd1c1e4a986a" target="_blank" rel="noopener">stop-and-go</a> heading the weekend.
&#8220;There’s a lot of things that they refuse to entertain, and they just said revenue is off the table,&#8221; Biden <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/05/21/remarks-by-president-biden-in-a-press-conference/" target="_blank" rel="noopener">said of GOP negotiators during a press conference</a> before leaving Japan. &#8220;Well, revenue is not off the table. And so, that’s what I — we continue to have a significant disagreement on, on the revenue side.&#8221;
While some Democrats in Congress have pushed Biden to <a href="https://twitter.com/ThisWeekABC/status/1660288118677811203" target="_blank" rel="noopener">consider a &#8220;Plan B,&#8221;</a> Republicans are focused on reaching an agreement with the White House.
Biden is &#8220;just making more excuses not to negotiate a responsible debt ceiling deal that will raise the debt ceiling, pay our bills, protect the good faith and credit of the United States, but also deal with the spending problem,&#8221; House Budget Committee Chairman Jodey Arrington (R-TX) <a href="https://twitter.com/ThisWeekABC/status/1660275107233710083" target="_blank" rel="noopener">told ABC News</a> on Sunday.
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The Treasury Department said it has been enacting “extraordinary measures” since January when the United States hit its statutory limit of roughly $31.4 trillion, and has warned of dire economic consequences if the country is unable to reach a deal to lift the debt ceiling.
<a href="https://www.dailywire.com/news/yellen-says-low-odds-of-u-s-paying-all-bills-past-mid-june-without-debt-ceiling-deal" target="_blank" rel="noopener">During an appearance</a> Sunday on NBC, Treasury Secretary Janet Yellen warned the federal government would likely no longer be unable to meet all its financial obligations by mid-June.
&#8220;There&#8217;s always uncertainty about tax receipts and spending,&#8221; Yellen said. &#8220;And so it&#8217;s hard to be absolutely certain about this, but my assessment is that the odds of reaching June 15th, while being able to pay all of our bills, is quite low.&#8221;

President Joe Biden, VP Kamala Harris, and House Speaker Kevin McCarthy

Biden And McCarthy Set To Meet After ‘Productive’ Chat On Debt Ceiling

Biden And McCarthy Set To Meet After 'Productive' Chat On Debt Ceiling

Debt Ceiling

Kevin McCarthy

Treasury Secretary <a href="https://www.dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> views mid-June as the likely time period when the United States can no longer pay all its obligations without a <a href="https://www.dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a> deal.
During a Sunday appearance on NBC News, Yellen gave her most specific prediction to date as talks between the White House and Congress <a href="https://www.dailywire.com/news/mccarthy-says-biden-beholden-to-radical-socialists-potus-calls-gop-debt-ceiling-position-extreme" target="_blank" rel="noopener">appear to hit a snag</a>.
&#8220;What is the likelihood we can get to the June 15th tax receipts to avoid breaching the debt ceiling? Can you put a percentage on it? Is it 20%, 40%, something like that?&#8221; asked &#8220;Meet the Press&#8221; moderator Chuck Todd.
&#8220;There&#8217;s always uncertainty about tax receipts and spending,&#8221; Yellen replied. &#8220;And so it&#8217;s hard to be absolutely certain about this, but my assessment is that the odds of reaching June 15th, while being able to pay all of our bills, is quite low.&#8221;
Yellen <a href="https://www.dailywire.com/news/yellen-says-nation-could-face-debt-default-in-less-than-three-weeks" target="_blank" rel="noopener">notified Congress last week</a> that she still believes a default could happen as early as June 1. &#8220;If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests,&#8221; she warned.
The Treasury Department has been enacting “extraordinary measures” since January, when the United States hit its statutory limit of roughly $31.4 trillion.
&#8220;What these involve are taking some funds that are invested in non-marketable government security,&#8221; Yellen explained on Sunday. &#8220;An example would be the Civil Service Retirement Fund. And first, taking inflows that would normally be invested in non-marketable securities, and leaving it in cash because those securities we would typically issue would count towards the debt ceiling. By leaving it in cash, we conserve room under the debt ceiling to issue a debt to the market.&#8221;
Asked about skepticism about the Treasury Department&#8217;s forecast, Yellen noted that the Congressional Budget Office <a href="https://www.cbo.gov/publication/59160" target="_blank" rel="noopener">also warned</a> of there being a risk that the government will not be able to pay all of its debts at some point during the first two weeks of June without a debt limit solution.
Yellen declined to state an exact date for when a default could happen, instead stressing that her assessment has not changed since last week. June is still the earliest a default could happen, she emphasized.
&#8220;I indicated in my last letter to Congress that we expect to be unable to pay all of our bills in early June, and possibly as soon as June 1st. And I will continue to update Congress, but I certainly haven&#8217;t changed my assessment,&#8221; Yellen said. &#8220;So I think that that&#8217;s a hard deadline.&#8221;
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Yellen also refused to divulge what bills the United States might first choose not to pay over others when asked by Todd.
&#8220;I would say we&#8217;re focused on raising the debt ceiling and there will be hard choices if that doesn&#8217;t occur. There can be no acceptable outcomes if the debt ceiling isn&#8217;t raised, regardless of what decisions we make,&#8221; she said.
RELATED: <a href="https://www.dailywire.com/news/mccarthy-says-biden-beholden-to-radical-socialists-potus-calls-gop-debt-ceiling-position-extreme">McCarthy Says Biden Beholden To &#8216;Radical Socialists,&#8217; POTUS Calls GOP Debt Ceiling Position &#8216;Extreme&#8217;</a>

Jent Yellen

Yellen Says ‘Low’ Odds Of U.S. Paying All Bills Past Mid-June Without Debt Ceiling Deal

Yellen Says 'Low' Odds Of U.S. Paying All Bills Past Mid-June Without Debt Ceiling Deal

Veteran <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">bank</a> executives are meeting with senior lawmakers and federal officials as the government comes within two weeks of a potential <a href="http://dailywire.com/topic/national-debt" target="_blank" rel="noopener">debt</a> default.
The <a href="http://dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a>, a statute established by <a href="http://dailywire.com/topic/congress" target="_blank" rel="noopener">Congress</a> that prevents the government from spending beyond a predetermined national debt limit of $31.4 trillion, exceeded the threshold earlier this year. Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> said in a <a href="https://home.treasury.gov/news/press-releases/jy1483" target="_blank" rel="noopener">letter</a> that her agency expects to default on obligations as early as the first day of June unless the debt limit is amended.
Senate Majority Leader <a href="http://dailywire.com/topic/chuck-schumer" target="_blank" rel="noopener">Chuck Schumer</a> (D-NY) hosted a meeting with JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser on Wednesday morning, according to a <a href="https://www.bloomberg.com/news/articles/2023-05-17/dimon-fraser-other-bank-ceos-to-meet-schumer-on-debt-limit#xj4y7vzkg" target="_blank" rel="noopener">report</a> from Bloomberg. Dimon informed the outlet that his financial institution created a “war room” that will monitor contingencies should lawmakers fail to make a deal to increase the debt limit.
“I asked them to make sure that they tell everybody that default should not be an option,” Schumer told journalists after the meeting with Dimon and Fraser, according to a <a href="https://www.cnn.com/2023/05/17/business/bank-ceos-schumer-debt-ceiling/index.html" target="_blank" rel="noopener">report</a> from CNN. An unnamed source told the outlet that the conversation between Schumer and the executives was “frank,” noting that the lawmaker prompted them to ask every member of Congress to explicitly commit themselves to avoid a default.
A default would likely induce a recession as the federal government, a major borrower of funds that investors around the world generally consider to be reliable, neglects to repay obligations.
The national debt, which now surpasses $31.7 trillion, nevertheless offers persistent financial risk and functions as a damper on long-term economic growth. Elevated interest rates on the national debt have <a href="https://www.dailywire.com/news/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending" target="_blank" rel="noopener">weighed</a> on the budget in recent months as lawmakers are forced to allocate more tax revenue toward servicing the obligations rather than funding federal programs.
The executives are currently in the nation’s capital for an annual Bank Policy Institute summit. Yellen is scheduled to meet with the two executives, as well as Bank of America CEO Brian Moynihan, on Thursday afternoon.
The meeting with Schumer comes one day after President Joe Biden and House Speaker Kevin McCarthy (R-CA) held talks to <a href="https://www.dailywire.com/news/biden-and-mccarthy-make-progress-after-latest-debt-ceiling-talks" target="_blank" rel="noopener">discuss</a> possible mechanisms to raise the debt limit. Republicans desire to link a temporary increase in the debt ceiling with spending limits, while Democrats say they prefer separate processes for debt limit negotiations and budget reforms.
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The White House said in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/05/16/readout-of-president-bidens-meeting-with-congressional-leadership-on-preventing-default/" target="_blank" rel="noopener">readout</a> that the meeting was “productive and direct,” while McCarthy said in his own <a href="https://www.speaker.gov/speaker-mccarthys-reaction-to-todays-meeting-with-the-president/" target="_blank" rel="noopener">remarks</a> that “it is possible to get a deal by the end of the week.”
Schumer, Dimon, and Fraser also discussed the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank, the latter of which JPMorgan Chase <a href="https://www.dailywire.com/news/jpmorgan-chase-the-nations-largest-bank-acquires-first-republic-bank-after-government-takeover" target="_blank" rel="noopener">acquired</a> in a deal brokered by federal regulators. Dimon insisted to reporters that “regional banks are strong.”
The implosion of the three medium-sized banks, where the vast majority of account balances exceeded the $250,000 threshold guaranteed by the Federal Deposit Insurance Corporation, prompted the government-backed company to <a href="https://www.dailywire.com/news/financial-authorities-announce-buyer-for-collapsed-silicon-valley-bank" target="_blank" rel="noopener">secure</a> insured and uninsured accounts at the first two financial institutions in early March to prevent further bank runs. Other regional banks, such as PacWest and Western Alliance, have witnessed significant <a href="https://www.dailywire.com/news/regional-bank-stock-plummets-after-company-reveals-deposits-dropped-again" target="_blank" rel="noopener">turmoil</a> in the stock market and increased withdrawal levels in recent weeks.

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