Janet Yellen warns debt default would undermine US leadership and raise national security concerns
This comes as lawmakers remain deadlocked over lifting the $31.4 trillion debt limit, with Republicans in Congress only willing to raise it if spending cuts are implemented and the White House demanding no conditions.any meaningful progress."Millions of Americans could lose their jobs, household incomes would be reduced.
Responding to a question, she suggested that a permanent elimination of debt limit caps could provide a long-term fix, or rules could be changed around how the ceiling is handled. Yellen's warnings about damage to the US security stood alongside alarms raised last week by Avril Haines, the director of national intelligence. would take advantage of a default to highlight the US as chaotic.
"Almost certainly it would create global uncertainty about the value of the US dollar and US institutions and leadership, leading to volatility in currency and financial markets and commodity markets that are priced in dollars," she said.
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