No white smoke yet: Kevin McCarthy (left) and Joe Biden in the Oval Office on Tuesday
Image: EPA
America is threatened with default. Despite the danger, President Biden and Republicans have yet to come to an agreement. After all, the talks were good recently, says Kevin McCarthy.
Janet Yellen’s most important employee is currently Dave Lebryk. He is a department head at the Treasury Department in Washington and is responsible for the largest payment system in the world. Lebryk ensures that $6 trillion is transferred annually through the Treasury Department: for payouts, payroll, and purchases. A large screen in the ministry shows whether the cash flow is smooth. Green squares mean transactions are in progress, yellow stands for potential problems – and red means urgent action is required. Lebryk and Yellen’s concern is that the board will turn red in the coming week.
The finance minister warned again on Monday that it was very likely that her department would soon no longer have enough cash. Insolvency threatened on June 1st. Yellen’s warning came just before President Joe Biden received House Speaker Kevin McCarthy at the White House to seek a solution to the debt dispute. The Republican spoke of a “productive meeting” after the meeting, but then added: “We haven’t reached an agreement yet.”
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