Kevin McCarthy

Yellen says debt standoff risks ‘calamity’

U.S. Treasury Secretary Janet Yellen said in an Associated Press interview Saturday she expects Congress will ultimately vote to raise America's debt limit, but demands by House Republicans for spending cuts in return for backing an increase are "a very irresponsible thing to do" and risk creating a "self-imposed calamity" for the global economy.

Kevin McCarthy from the Republican Party was Finally Elected as US House Speaker after 15 Rounds of Voting

Kevin McCarthy has emerged as the 55th Speaker of the US House of Representatives on Saturday after winning a historic battle that quelled a rebellion in the midnight hour on Saturday, The Hill reported.

Biden pitches $6 trillion budget to ’reimagine’ US economy

President Joe Biden on May 28 proposed a $6 trillion budget to "reimagine" the U.S. economy and stave off Chinese competition, though driving the United States into record debt - and with Congress first needing to give approval.

Announcing the proposed spending, Biden said a post-pandemic United States "cannot afford to simply return to the way things were before."