She urges members of the US House of Representatives to raise the federal debt ceiling without conditions. Read more at straitstimes.com.
WASHINGTON - US Treasury Secretary Janet Yellen urged members of the US House of Representatives on Friday to raise the federal debt ceiling without conditions, warning thatMs Yellen, in budget testimony before the Republican-controlled House Ways and Means Committee, said that failure to increase the US$31.4 trillion borrowing cap would threaten the economic progress that the US has made since the Covid-19 pandemic.
“I urge all members of Congress to come together to address the debt limit – without conditions and without waiting until the last minute.” “Prioritisation is simply not paying all of the government’s bills when they come due. That is something we have never done since 1789. And that really is just default by another name.”
“If we don’t do that and think that there’s some shortcut around it that will avoid economic chaos, we’re kidding ourselves because not paying the government’s bills will produce economic and financial collapse,” she said.
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