Yellen warns of 'economic chaos' unless Congress raises the debt ceiling

Treasury Secretary Janet Yellen on Sunday said that failure to raise the debt ceiling will cause a "steep economic downturn" in the U.S.

Yellen said the U.S. has already been using "extraordinary measures" to avoid default, and it's not something the Treasury Department can continue to do. She said Congress needs to take action to avoid "economic calamity."Lawmakers have been trying to find a path forward to raise or suspend the debt ceiling, which would enable the U.S. to pay its bills on time. But they're currently at an impasse, raising the prospect of default.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Yellen warns against debt ceiling talks with 'gun to the head of the American people'U.S. Treasury Secretary Janet Yellen on Sunday warned that a failure by Congress to act on the debt ceiling could trigger a 'constitutional crisis,' with consequences for financial markets and interest rates.
Source: Reuters - 🏆 2. / 97 Read more »

Biden, Lawmakers Look to Break Impasse on Debt CeilingJanet Yellen has warned that the U.S. may run out of money to pay bills as early as June 1.
Source: WSJ - 🏆 98. / 63 Read more »

Three Reasons Congress Should Reject Medicaid Work Requirements - Ms. MagazineCalls to include work reporting requirements in the eventual debt ceiling bill are directly counter to the purpose of the Medicaid program.
Source: MsMagazine - 🏆 378. / 59 Read more »