The U.S. Treasury Secretary urged Congress on Thursday to raise the $31.4-trillion federal debt limit and avert an unprecedented default
U.S. Treasury Secretary Janet Yellen on Thursday urged Congress to raise the $31.4-trillion federal debt limit and avert an unprecedented default that would trigger a global economic downturn and risk undermining U.S. global economic leadership.
Yellen said Republican brinkmanship on the issue amounted to a “crisis of our own making” and that just the threat of a default could lead to a downgrade of the U.S. government’s credit rating, as occurred during a debt ceiling fight in 2011. “All of these analyzes show that we would fall into – if this lasted for any meaningful period of time – a very substantial downturn,” she said.
Unlike most developed countries, the U.S. sets a ceiling on how much it can borrow. Because the government spends more than it takes in, lawmakers must periodically raise that cap. The United States had taken action to strengthen confidence in its banking system after the failure of three regional banks, Yellen said, as well as enacting legislation to invest in infrastructure, alternative energy and semiconductor chips.
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