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NPR News Now

NPR News: 05-22-2023 6PM EDT

NPR News Now

NPR

News, Daily News

4.214.3K Ratings

🗓️ 22 May 2023

⏱️ 5 minutes

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Summary

NPR News: 05-22-2023 6PM EDT

Transcript

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0:00.0

Live from NPR News in Washington, I'm Jack Spear.

0:05.6

Drivers of Resecretary Janet Yellen is churning up the heat on lawmakers to raise the federal

0:11.3

debt ceiling.

0:12.6

NPR Scott Horsley reports Yellen warns the government could run short of money in just

0:16.9

10 days.

0:17.9

Yellen says unless Congress acts to authorize more borrowing, it's highly likely the government

0:22.7

will run short of money to pay its bills in the first half of June, and as early as June

0:27.3

1.

0:28.3

Yellen's new letter to lawmakers doesn't change the timetable for the so-called X-date,

0:33.0

but it adds more urgency as the date gets closer and the Treasury Department has more confidence

0:37.6

in its financial forecast.

0:39.5

The government has tens of billions of dollars in bills coming due in the first few days

0:43.7

of June, including payments to Social Security recipients, Medicare providers, defense contractors,

0:49.2

and veterans.

0:50.2

Any of those payments could be delayed if government coffers run dry before the debt limit

0:55.0

is increased.

0:56.0

Scott Horsley and Pairnews, Washington.

0:58.1

Meanwhile, President Joe Biden and House Speaker Kevin McCarthy are meeting today to again

1:01.9

discuss the debt ceiling after on-again, off-again talks between negotiators over the weekend,

1:07.9

there are more dire warnings about what failure to reach agreement might mean.

1:12.1

Economists and others say a first-ever U.S. default would send the country crashing into

1:16.0

recession or worse.

...

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