Bisnis.comJAKARTA – US Treasury Secretary Janet Yellen will discuss the debt ceiling crisis next week with board members of the Bank Policy Institute lobby group.

This information was obtained from a senior finance ministry official, citing reports Reuters (05/12/2023).

Policy previously reported that Yellen would later meet with the board, including JP Morgan CEO Jamie Dimon and Citigroup Jane Fraser.

As is well known, Yellen on Thursday (5/11) urged Congress to increase the debt ceiling from the current limit of US$31.4 trillion to prevent default risk. This call grows stronger as the first meeting of the Group of Seven or the G7 approaches.

The G7 includes the United States, Japan, Germany, Great Britain, France, Italy and Canada, as well as the European Union.

Yellen later said that not only could undermining efforts already being made in the pandemic recovery could set the United States back even further, but that a default could undermine the United States’ global economic leadership.

“This [gagal bayar] it also risks undermining U.S. global economic leadership and raising questions about our ability to defend our national security interests,” Yellen said.

Discussing the G7, Yellen outlined priorities for the meeting, including individual and collective action to strengthen the global economy, reduce inflation, strengthen commitment to defend Russia against invasion, and long-term efforts to increase economic resilience.

The work will also build on the ongoing US$600 billion investment under the G7 Global Infrastructure and Investment Partnership, aimed at mobilizing private capital for infrastructure projects in developing countries. development.

Yellen also said the G7 would continue to work to mitigate geostrategic risks and counter economic coercion from China.

Additionally, President Joe Biden has said he may have to miss the G7 summit in Hiroshima, Japan, May 19-21, depending on how the debt ceiling impasse develops.

A White House spokesperson also said Thursday that Biden would also meet with congressional leaders again early next week.

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