The United States Secretary of the Treasury, Janet Yellen, renewed his lcall for Congress to raise or suspend the debt ceiling sometime in OctoberBloomberg reported, citing his editorial opinion piece in the Wall Street Journal (WSJ).
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“The overwhelming consensus among economists and Treasury officials from both parties is that Failure to raise the debt limit would lead to widespread economic catastrophe“.
A US default would likely precipitate a historic financial crisis that would compound the continuing damage from the public health emergency, put the United States in recession, and leave it a permanently weaker nation.
“Neither delay nor non-compliance is tolerable, legislators must act quickly. “
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