Treasury Secretary Janet Yellen on Thursday called for a different system of managing the country’s finances in order to prevent future debt-ceiling standoffs that she said were “tremendously damaging,” while reiterating her view that, in the near term, the only way to avoid the looming debt default is for Congress to lift the borrowing cap.
Yellen made the remarks in response to reporters’ questions before a Group of Seven (G7) conference in Niigata, Japan, on May 11, while back home in Washington tensions remained high around the debt-ceiling deadlock and no solution in sight.
After a three-month hiatus, negotiations on raising the debt cap resumed on May 9 between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.), but they ended with no breakthrough….