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HomeUSTreasury Secretary Janet Yellen warns ‘steep downturn in economy’ if debt ceiling...

Treasury Secretary Janet Yellen warns ‘steep downturn in economy’ if debt ceiling is not raised

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Image Credit: U.S. Treasury

Treasury Secretary Janet Yellen has warned that the U.S. economy would suffer if the debt ceiling is not raised. On Saturday, she said that the Treasury Department may not be in a position to pay its debt obligations by early next month. Wall Street was expecting a later date. Lawmakers are still facing an impasse on this issue.

Yellen told ABC “This Week” that there were “no good options” if Congress failed in its duty to raise the debt ceiling. When anchor George Stephanopoulos asked the Treasury Secretary if the Biden administration would consider using the 14th amendment that states public debt “shall not be questioned,” she stated that it was not a good option.

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In the interview, she also reiterated that the financial system in the nation’s economy could be protected when Congress did its job and raised the debt ceiling for the nation to pay its bills. She said that Congress had to make the decision by June 1 or else the Treasury Department may not be able to pay all of its obligations.

The Treasury Secretary said that the debt ceiling had been raised 78 times since 1960. It had been raised three times in the prior administration with bipartisan support. She added that it was “unacceptable for Congress to threaten economic calamity for American households and the global financial system as the cost of raising the debt ceiling and getting agreements on budget priorities.”

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Janet Yellen mentioned that there had never been a failure to make payments in the history of America and “financial and economic chaos would ensue” if there was a default in payments.

President Biden said that debt should be separated from compromises made on the budget and spending. He is expected to meet leaders of each chamber of Congress. The topics for discussion on Tuesday are spending and debt.

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