Yellen Urges Congress to Raise Debt Ceiling to Avoid Economic Calamity
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.
