Yellen told a press conference that U.S. President Joe Biden would not allow a repeat of the “China shock” of the early 2000s, when a flood of Chinese imports destroyed about 2 million American manufacturing jobs.

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US Treasury secretary Janet Yellen will visit Beijing this week, marking the second trip by a cabinet official to China since ties between the world’s top two economies deteriorated earlier this year.

Yellen is expected to discuss with her counterparts the importance for both countries “to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges”, said the Treasury Department in a statement on Sunday.

Yellen’s planned trip from 6-9 July comes just weeks after secretary of state Antony Blinken met President Xi Jinping and foreign minister Qin Gang in Beijing in June.

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Source: https://www.theguardian.com/business/2023/jul/03/us-treasury-secretary-janet-yellen-to-visit-china-to-build-healthy-ties-with-beijing

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The U.S. House of Representatives voted to lift the federal debt ceiling by $2.5 trillion early Wednesday and will send the bill to President Biden’s desk for final approval.

The House voted 221-209 in favor of the increase after the Senate voted to avoid a U.S. default. The votes followed months of discord on Capitol Hill. The Senate vote was also along party lines, 50-49.

Lawmakers expect the increase, which raises the debt ceiling to roughly $31.5 trillion, to last beyond the upcoming midterm elections and into 2023. Treasury Secretary Janet Yellen said lawmakers had until Wednesday to raise the debt ceiling or risk a potential default on U.S. obligations.

Earlier, Republicans agreed to a one-time exception to the filibuster, allowing the Democrats to pass the debt hike by a simple majority vote rather than meeting the 60-vote threshold.

“This is about paying debt accumulated by both parties, so I’m pleased Republicans and Democrats came together,” Senate Majority Leader Chuck Schumer, D-NY, said on the floor ahead of the vote.

The House is expected to sync up with the Senate in a vote on raising the debt limit that could occur as soon as Tuesday. From there, the bill will proceed to President Biden’s desk for final approval.

The Senate vote followed weeks of contentious negotiations between Schumer and Minority Leader Mitch McConnell, R-Ky. Many Republicans say Democrats should raise the debt ceiling without their help, arguing any increase will facilitate increased spending on social and climate programs the country can’t afford.

“Later today, every Senate Democrat is going to vote on party lines to raise our nation’s debt limit by trillions of dollars,” McConnell said ahead of the vote. “If they jam through another reckless taxing and spending spree, this massive debt increase will just be the beginning.”

The one-time exception to filibuster rules allowed Democrats to avoid raising the debt ceiling through the budget reconciliation process. Schumer said that process would be too risky and complicated.

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McConnell faced some Republican pushback over the agreement, with GOP critics accusing the minority leader of caving to political pressure.

Fox News’ Edmund DeMarche and the Associated Press contributed to this report.

Source: https://www.foxbusiness.com/politics/senate-votes-raise-debt-ceiling-2-5t?test=38861ea43380e1402f1c90f21546ad4b

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