Yellen Urges Congress to Raise Debt Ceiling to Avoid Economic Calamity
TL;DR Summary
Treasury Secretary Janet Yellen has warned that the US will face an "economic calamity" if lawmakers refuse to raise the debt ceiling in the next few weeks. The nation will soon reach its $31.4tn borrowing limit and will default on its payments unless the measure is taken. Yellen urged Congress to raise the debt ceiling, saying that it would be the first time in the history of America that the country would fail to make payments that are due. The White House has said such a situation would cause the stock market to drop by 45%, and cited a recent Moody’s analysis that up to 8 million jobs could be lost.
- Treasury Secretary Yellen warns of 'economic calamity' if debt ceiling is not raised New York Post
- Yellen to US Congress: Raise Debt Ceiling or Face Economic Calamity Voice of America
- Senior Treasury officials reiterate dire warnings if debt ceiling isn't lifted, pour cold water on invoking the 14th Amendment CNN
- Yellen Says No Good Alternative to Congress Lifting Debt Cap Yahoo Finance
- Yellen calls invoking 14th Amendment a ‘constitutional crisis’ The Hill
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