In a Wall Street Journal op-ed, Treasury Secretary Janet Yellen warns that defaulting “would likely precipitate a historic financial crisis.'
U.S. Treasury Secretary Janet Yellen on Sunday urged Congress to raise or suspend the nation’s debt ceiling or risk “widespread economic catastrophe.”
““The U.S. has always paid its bills on time, but the overwhelming consensus among economists and Treasury officials of both parties is that failing to raise the debt limit would produce widespread economic catastrophe.”” On Friday, the White House warned of severe cuts to state and local governments if the federal government defaults.
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