Biden, McCarthy to meet on debt limit as Yellen warns of consequences

Published by
Reuters

By Andrea Shalal and Jeff Mason DAKAR/WASHINGTON (Reuters) -Treasury Secretary Janet Yellen on Friday warned that the U.S. government cannot choose to pay some bills over others if Congress fails to raise the borrowing limit, as President Joe Biden and top Republican Kevin McCarthy made plans to meet to discuss the issue. Speaking to reporters in Senegal, Yellen warned that Washington could spur a global financial crisis and undermine the role of the dollar if it does not raise the $31.4 trillion debt limit. She said the Treasury Department cannot prioritize its payments, as some Republicans h…

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