Janet Yellen warns Congress again of debt default

Published

3 years ago

May 16, 2023

In her second letter to Congress in two weeks, Treasury Secretary Janet Yellen warns the agency will be unlikely to meet payment obligations by June 1

The U.S. Treasury Department says it is just weeks away from running out of money to pay the nation’s bills.

In her second letter to Congress in two weeks, Treasury Secretary Janet Yellen warns the agency will be unlikely to meet payment obligations by June 1.

This would trigger the first-ever U.S. default.

The new date reflects further data on revenues and payments received since Yellen told lawmakers in May that Treasury is running out of cash.

This fresh warning comes a day before Joe Biden is expected to meet House Speaker Kevin McCarthy for talks.

Yellen says she will provide an additional update to Congress next week as more information becomes available.

Of course, Biden will travel to Japan on Wednesday for a Group of Seven leaders summit, then onto Australia for a trip that will stretch over a week.

On Monday, McCarthy said there had been no progress in marathon talks throughout the weekend.

Yellen has repeatedly warned a failure by Congress to raise the $31.4 trillion federal debt limit could spark a “constitutional crisis” and unleash an “economic and financial catastrophe”.

U.S. and Israel attack Iran, escalating regional conflict

U.S. and Israel strike Iran, escalating war fears and risking wider regional conflict for the second time in eight months

Published

1 hour ago

February 28, 2026

Ahron Young

U.S. and Israel strike Iran, escalating war fears and risking wider regional conflict for the second time in eight months

In Short:
– U.S. and Israel launched strikes against Iran amid fears of a broader regional conflict.
– Iranian officials warn that attacks could lead to full-scale war as they prepare for retaliation.

The attack marks the second war between the U.S., Israel, and Iran within eight months, raising concerns about a wider regional conflict in a critically important economic area.Israeli Defence Minister Israel Katz confirmed the strikes and declared a state of emergency across all areas of Israel.

The U.S. also carried out strikes as part of the operation, according to a U.S. official.

The military operation followed a month of U.S. military buildup, ignited by President Trump’s commitment to support Iranian protesters who demonstrated against the regime in January.

The President consistently warned Iran could face military action if it continued its nuclear program. Vice President JD Vance stated that Iran’s responses in two negotiation rounds failed to meet U.S. expectations.

Escalating Tensions

Iranian officials cautioned that any attack would provoke retaliation, warning that even minor strikes could escalate into a full-scale regional war.

The nation has prepared for conflict by mobilising its forces, reinforcing its nuclear facilities, decentralising decision-making, and tightening internal security measures.

News

Australia issues evacuation advisory for diplomats and citizens in the Middle East

Australian diplomats’ families in Israel and Lebanon urged to evacuate amid rising tensions; all Australians advised to leave soon.

Published

2 days ago

February 26, 2026

Harvey Vargas

Australian diplomats’ families in Israel and Lebanon urged to evacuate amid rising tensions; all Australians advised to leave soon.

Families of Australian diplomats in Israel and Lebanon have been ordered to evacuate as tensions in the region continue to rise. The government is prioritising the safety of its personnel and their families.

All other Australians have been urged to leave while commercial flights and other travel options are still available. Authorities are emphasising the importance of acting quickly before options become limited.

The Department of Foreign Affairs and Trade has warned that the security situation in the Middle East remains unpredictable and volatile.

Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker

News

Trump signals possible action on Iran nuclear threat

Trump warns Iran on nuclear weapons and highlights threats, as US boosts military presence amid stalled talks.

Published

2 days ago

February 26, 2026

Harvey Vargas

Trump warns Iran on nuclear weapons and highlights threats, as the US boosts military presence amid stalled talks.

President Donald Trump laid out a strong warning to Iran during his State of the Union address. He labelled Tehran as the world’s biggest sponsor of terrorism and signalled that the U.S. might take action if Iran continues its nuclear ambitions.

Trump emphasised that Iran’s missile and nuclear programs, along with its backing of militant groups, pose serious threats to regional stability.

This comes amid growing concerns over Iran’s nuclear developments and the stalled diplomatic efforts to curb them.

Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker