US Default Would Cause ‘Irreparable’ Harm, Yellen Warns AgainEpoch Times, United States politics | The Epoch Times

Treasury Secretary Janet Yellen on Thursday agreed that any default on U.S. debt would cause irreparable harm as well as an ensuing financial crisis and recession. Yellen, asked by a member of the House Financial Services Committee if the damage done by failure to meet the federal government’s debt obligations would be “irreparable,” answered: “Yes.” Her remarks were the latest in a series of dire warnings Yellen has issued as Congress remains deadlocked over the matter of lifting or suspending the debt limit amid wrangling over the legislative agenda of the Democratic majority and Biden administration. Yellen has said the government will run out of cash around Oct. 18 unless Congress raises the limit on the federal debt, currently capped at $28.4 trillion. After that date, the Treasury would be “simply in an impossible situation,” Yellen said during an appearance before the committee on Thursday. “We won’t be able to …Read More

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