Treasury Secretary, Warns of 'Financial Crisis', as Default Looms.
On September 28, Treasury Secretary Janet Yellen
warned that Congress has under three weeks
to avoid near-certain economic calamity.
On September 28, Treasury Secretary Janet Yellen
warned that Congress has under three weeks
to avoid near-certain economic calamity.
We now estimate that Treasury is likely
to exhaust its extraordinary measures
if Congress has not acted to raise
or suspend the debt limit by October 18.
At that point, we expect Treasury would
be left with very limited resources
that would be depleted quickly, Janet Yellen, letter to House Leader Nancy Pelosi, via NBC.
We now estimate that Treasury is likely
to exhaust its extraordinary measures
if Congress has not acted to raise
or suspend the debt limit by October 18.
At that point, we expect Treasury would
be left with very limited resources
that would be depleted quickly, Janet Yellen, letter to House Leader Nancy Pelosi, via NBC.
In a separate statement, Yellen warned lawmakers
that failure to take action would lead
to the first-ever U.S. default.
It is imperative that Congress swiftly
addresses the debt limit. If it does not,
America would default for the first time
in history. The full faith and credit of the
United States would be impaired, and
our country would likely face a financial
crisis and economic recession, Janet Yellen, Remarks to Senate Banking Committee, via NBC.
It is imperative that Congress swiftly
addresses the debt limit. If it does not,
America would default for the first time
in history. The full faith and credit of the
United States would be impaired, and
our country would likely face a financial
crisis and economic recession, Janet Yellen, Remarks to Senate Banking Committee, via NBC.
According to NBC, economists say a default could lead to a financial crisis triggering broad market sell-offs and an economic downturn amid a spike in interest rates.
According to NBC, economists say a default could lead to a financial crisis triggering broad market sell-offs and an economic downturn amid a spike in interest rates.
You would expect to see an interest rate spike if the debt ceiling were not raised I think there would be a financial crisis and a calamity. Absolutely, it’s true that the interest payments on the government debt would increase, Janet Yellen, Live testimony, via NBC.
You would expect to see an interest rate spike if the debt ceiling were not raised I think there would be a financial crisis and a calamity. Absolutely, it’s true that the interest payments on the government debt would increase, Janet Yellen, Live testimony, via NBC.
NBC points out that the U.S. government will shut down at the end of September if lawmakers fail to approve a new funding or appropriations bill