×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: janet yellen | treasury | economy | debt ceiling

Janet Yellen: 'Irreparable Harm' to Economy If Debt Ceiling Is Not Raised

Janet Yellen: 'Irreparable Harm' to Economy If Debt Ceiling Is Not Raised
US Treasury Secretary Janet Yellen. (Photo by Andreas Solaro/ AFP via Getty)

By    |   Saturday, 24 July 2021 01:16 PM

Treasury Secretary Janet Yellen warned members of Congress on Friday that if the debt ceiling is not raised, it will risk "irreparable harm to the U.S. economy and the livelihoods of all Americans," according to the Daily Caller.

In a letter to House Speaker Nancy Pelosi, Yellen expressed that she did not know how long the Treasury Department could keep the United States from defaulting on its obligations, which could result in catastrophic economic consequences. The debt ceiling will expire on August 1.

"In recent years Congress has addressed the debt limit through regular order, with broad bipartisan support," Yellen writes. "I respectfully urge Congress to protect the full faith and credit of the United States by acting as soon as possible."

The debt ceiling does not affect how much money the government spends. Instead, the debt ceiling limits how much debt the government can take while paying for provisions that have already been signed into law.

Yellen also sent her letter to House Minority Leader Kevin McCarthy, Senate Majority Leader Chuck Schumer, Senate Minority Leader Mitch McConnell, and the top Democrats and Republicans House Ways and Means and Senate Finance committees.

Earlier this week, Republicans threatened not to support a debt ceiling raise unless Democrats took a position towards a debt reduction provision.

Yellen stated the Treasury's ability to prevent an economic fallout would only last till September, adding that failure to raise the debt ceiling could destroy America's financial standing with other countries.

“This is why no President or Treasury Secretary of either party has ever countenanced even the suggestion of a default on any obligation of the United States,” Yellen concluded.

© 2021 Newsmax. All rights reserved.


Politics
Treasury Secretary Janet Yellen warned members of Congress on Friday that if the debt ceiling is not raised, it will risk "irreparable harm to the U.S. economy and the livelihoods of all Americans," according to the Daily Caller.
janet yellen, treasury, economy, debt ceiling
275
2021-16-24
Saturday, 24 July 2021 01:16 PM
Newsmax Media, Inc.
More Articles
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App