Yellen says debt-limit standoff risks ‘self-imposed calamity’

DAKAR, Senegal — U.S. Treasury Secretary Janet Yellen said in an Associated Press interview Saturday she expects Congress will ultimately vote to raise America’s debt limit, but demands by House Republicans for spending cuts in return for backing an increase are “a very irresponsible thing to do” and risk creating a “self-imposed calamity” for the global economy.

As for a potential default, she said, that “would impose a self-imposed calamity in the United States and the world economy.” The Treasury’s extraordinary steps so far mean that the U.S. government should be able to operate until some point in June, when the limit would need to be increased to avoid what could be significant economic damage.

Despite the dire warnings, Yellen said she believes the situation ultimately will be defused because lawmakers can appreciate the escalating danger if the federal government was unable to pay all of its bills: crashing financial markets, mass firings, and an economic downturn that could jeopardize America’s place in the world hierarchy.The treasury secretary said that White House and officials from her department “are meeting to discuss possible paths forward.

Yellen sat down for the Saturday interview in the middle of a continent-spanning trip, in which she met with her Chinese counterpart in Switzerland before heading to Senegal, Zambia and South Africa. Yellen said the administration has not turned to reparations — payments and other programs intended for the descendants of slaves — to address the inequality.

Unfettered spending is a 'self-imposed calamity '

One solution: Garnish politicians wages until the debt is paid.

When one can’t make payment on a credit card, the banks tend to not increase your limit- just saying

Uncontrolled government spending is very irresponsible

what, does yellen want our country to self-implode? why does the US government not have to cut spending and why is that considered “irresponsible”? in what universe do you live? we are all effed.

They should not... The government needs to learn that the budget and debt is not a game. With Obama the grade of the creditworthiness on the U.S.A. was drawn down and never recovered.

how the hell is that “irresponsible”?

How is she the treasury secretary?

Spending like drunken sailors is even more irresponsible

It is irresponsible not to demand spending cuts.

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Treasury Secretary Janet Yellen says debt standoff risks 'calamity'Treasury Secretary Janet Yellen said Saturday that she expects Congress will ultimately vote to raise America's debt limit. But she says demands by House Republicans for spending cuts in return for backing an increase “a very irresponsible thing to do” and risk creating a “self-imposed calamity” for the global economy.
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The AP Interview: Yellen says debt standoff risks ‘calamity’U.S. Treasury Secretary Janet Yellen says in an Associated Press interview that she expects Congress will ultimately vote to raise America's debt limit. Trumpers raised it 4 times when cheeto head was president and had no problem whatsoever with that
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