U.S. Treasury Secretary: We are Working with Congress to Raise the Debt Ceiling

U.S. Treasury Secretary Janet Yellen indicated today, Friday, that "most U.S. banks, including those whose stocks have declined, will be able to repay uninsured depositors," adding that "the Treasury Department is monitoring the situation closely." Yellen mentioned to Bloomberg Television that "the three U.S. banks that collapsed in recent months were suffering significant losses, but the banking system as a whole is well-capitalized and continues to generate very strong profits." She confirmed that she will meet with senior bankers on Wall Street next week to discuss the debt ceiling, warning that "not raising the Congress's debt ceiling of $31.4 trillion will lead to an economic and financial disaster." She added that the Treasury may be able to provide more precise clarifications regarding the specific timing of when the liquidity necessary to pay the government’s bills will run out as the deadline approaches.