Treasury sec. Janet Yellen tells GStephanopoulos that failing to raise the debt limit would 'be a catastrophe.' 'There's an enormous amount at stake. A failure to raise the debt ceiling would probably cause a recession.'
George Stephanopoulos interviews Treasury Secretary Janet Yellen on “This Week.”U.S. Treasury Secretary Janet Yellen warned on ABC's"This Week" that Sen. Minority Leader Mitch McConnell and Republicans are playing with"catastrophe" over a pending fight to raise theWhile the Senate reached a deal on Thursday for an emergency hike of the debt ceiling by $480 billion to pay the nation's bills through Dec.
Passage of the measure temporarily staved off a potential government shutdown and default but sets up a battle between Republicans and Democrats when a more permanent resolution is sought in December. Yellen scoffed at the idea when Stephanopoulos asked why she would not consider minting a trillion-dollar coin.
"Is invoking the 14th on the table if Congress doesn’t act?" Stephanopoulos asked the secretary. Saying the"text is pretty clear," Stephanopoulos read the section of the amendment which states,"The validity of the public debt of the United States... should not be questioned."She said if the debt ceiling is not raised in December"this would be a self-manufactured crisis that affects our recovery coming out of the pandemic and would be a self-inflicted wound.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Treasury Secretary Yellen warns debt ceiling battle could spell 'catastrophe'U.S. Treasury Secretary Janet Yellen warned on ABC's 'This Week' that Sen. Minority Leader Mitch McConnell and Republicans are playing with 'catastrophe' over a pending fight to raise the debt ceiling. While the Senate reached a deal on Thursday for an emergency hike of the debt ceiling by $480 billion to pay the nation's bills through Dec. 3, McConnell has warned of a battle brewing over raising it further. Pressed by 'This Week' anchor George Stephanopoulos about what would happen if McConnell keeps his word that Republicans won't help the Democrats next time, Yellen painted a picture with drastic consequences.
Read more »
Yellen warns of 'catastrophe' if Congress doesn't handle debt ceiling issueU.S. Treasury Sec. Yellen says there is an 'enormous amount at stake' after the Senate approved only a short-term extension of the debt ceiling, setting up another potential default in December if Congress is unable to make another deal.
Read more »
U.S. Treasury's Yellen confident Congress will pass global minimum taxTreasury Secretary Janet Yellen said on Sunday she was confident the U.S. Congress would approve legislation to implement the global corporate minimum tax agreed by 136 countries.
Read more »
Yellen confident Congress will raise debt ceilingU.S. Treasury Secretary Janet Yellen said on Sunday that it will be lawmakers' responsibility to raise the federal debt limit and expressed confidence that Congress would do so after the temporary reprieve runs out on Dec. 3.
Read more »
Treasury Secretary Yellen warns debt ceiling battle could spell 'catastrophe'U.S. Treasury Secretary Janet Yellen warned on ABC's 'This Week' that Sen. Minority Leader Mitch McConnell and Republicans are playing with 'catastrophe' over a pending fight to raise the debt ceiling. While the Senate reached a deal on Thursday for an emergency hike of the debt ceiling by $480 billion to pay the nation's bills through Dec. 3, McConnell has warned of a battle brewing over raising it further. Pressed by 'This Week' anchor George Stephanopoulos about what would happen if McConnell keeps his word that Republicans won't help the Democrats next time, Yellen painted a picture with drastic consequences.
Read more »
Yellen warns of 'catastrophe' if Congress doesn't handle debt ceiling issueU.S. Treasury Sec. Yellen says there is an 'enormous amount at stake' after the Senate approved only a short-term extension of the debt ceiling, setting up another potential default in December if Congress is unable to make another deal.
Read more »