Treasury Secretary Warns of 'Financial Crisis' as Default Looms
Treasury Secretary Warns of 'Financial Crisis' as Default Looms
Treasury Secretary, Warns of 'Financial Crisis', as Default Looms. On September 28, Treasury Secretary Janet Yellen warned that Congress has under three weeks to avoid near-certain economic calamity.
On September 28, Treasury Secretary Janet Yellen warned that Congress has under three weeks to avoid near-certain economic calamity.
We now estimate that Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18.
At that point, we expect Treasury would be left with very limited resources that would be depleted quickly, Janet Yellen, letter to House Leader Nancy Pelosi, via NBC.
We now estimate that Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18.
At that point, we expect Treasury would be left with very limited resources that would be depleted quickly, Janet Yellen, letter to House Leader Nancy Pelosi, via NBC.
In a separate statement, Yellen warned lawmakers that failure to take action would lead to the first-ever U.S. default.
It is imperative that Congress swiftly addresses the debt limit.
If it does not, America would default for the first time in history.
The full faith and credit of the United States would be impaired, and our country would likely face a financial crisis and economic recession, Janet Yellen, Remarks to Senate Banking Committee, via NBC.
It is imperative that Congress swiftly addresses the debt limit.
If it does not, America would default for the first time in history.
The full faith and credit of the United States would be impaired, and our country would likely face a financial crisis and economic recession, Janet Yellen, Remarks to Senate Banking Committee, via NBC.
According to NBC, economists say a default could lead to a financial crisis triggering broad market sell-offs and an economic downturn amid a spike in interest rates.
According to NBC, economists say a default could lead to a financial crisis triggering broad market sell-offs and an economic downturn amid a spike in interest rates.
You would expect to see an interest rate spike if the debt ceiling were not raised I think there would be a financial crisis and a calamity.
Absolutely, itβs true that the interest payments on the government debt would increase, Janet Yellen, Live testimony, via NBC.
You would expect to see an interest rate spike if the debt ceiling were not raised I think there would be a financial crisis and a calamity.
Absolutely, itβs true that the interest payments on the government debt would increase, Janet Yellen, Live testimony, via NBC.
NBC points out that the U.S. government will shut down at the end of September if lawmakers fail to approve a new funding or appropriations bill
