Tag

Economic Catastrophe

All articles tagged with #economic catastrophe

politics2 years ago•3 min saved

Debt Ceiling Talks: Yellen Warns of Catastrophe, Biden Urged to Compromise with McCarthy.

Failure to raise the US debt ceiling would cause an "economic catastrophe," warns Treasury Secretary Janet Yellen. The political stalemate over raising the debt limit is forcing the Treasury Department dangerously close to a potential US debt default. Congress must vote to either raise or suspend the debt limit before Treasury runs out of emergency funding. However, with only eight days left this month during which both the House and the Senate are scheduled to be in session at the same time, time is running out to reach a deal.

via CNBC|

#congressional-negotiations #economic-catastrophe #politics

economics2 years ago•1 min saved

Yellen warns of dire consequences if US defaults on debt.

US Treasury Secretary Janet Yellen warned that failure by Congress to raise the government’s debt ceiling – and the resulting default – would trigger an “economic catastrophe” that would send interest rates higher for years to come. Yellen said a default on United States debt would result in job losses, while driving household payments on mortgages, auto loans and credit cards higher. She said it was a “basic responsibility” of Congress to increase or suspend the $31.4 trillion borrowing cap, warning that a default would threaten the economic progress that the United States has made since the COVID-19 pandemic.

via Al Jazeera English|

#borrowing-cap #default #economic-catastrophe

economics2 years ago•1 min saved

Yellen warns of economic disaster if US defaults on debt and urges action without conditions.

US Treasury Secretary Janet Yellen warned that failure by Congress to raise the government's debt ceiling would trigger an "economic catastrophe" that would send interest rates higher for years to come. Yellen said a default on U.S. debt would result in job losses, while driving household payments on mortgages, auto loans and credit cards higher. She said it was a "basic responsibility" of Congress to increase or suspend the $31.4 trillion borrowing cap, warning that a default would threaten the economic progress that the United States has made since the COVID-19 pandemic.

via Reuters.com|

#borrowing-cap #default #economic-catastrophe