Janet Yellen: “I said that we were monitoring it and that it could have consequences with the United States.”

But what caused our cash balances to run to exceptionally low levels in the past was the failure of Congress to raise the debt limit.

President Biden has made it clear he would never support cuts in benefits to those individuals.

the Biden Administration has generally taken the view that it is up to Congress to decide what to do about that.

He has explicitly said that he will not agree to raise taxes for people making under $400,000.