Economy

Yellen claims Congress should not hold the debt ceiling hostage by CNN By Stocksak


© Stocksak. FILE PHOTO: Janet Yellen, U.S. Treasury Secretary, testifies before a House Ways and Means Committee Hearing on President Biden’s proposed 2023 U.S. Budget, Capitol Hill, Washington, U.S.A, June 8, 2022. REUTERS/Jonathan Ernst/File Photograph

CLEVELAND (Stocksak), – U.S. Treasury secretary Janet Yellen stated on Thursday that she and President Joe Biden agreed that Congress should not hold the federal debt ceiling hostage and that a default on U.S. government debt would be “calamitous.”

When asked by CNN in Cleveland about the threats made by some Republicans to use next debt ceiling deadlines as leverage for concessions from Biden if their control of Congress is gained in November 8, Yellen stated that a U.S. default “cannot be imagined.”

CNN’s Yellen said that he and President Obama agree that America shouldn’t be held hostage by members Congress who think it’s okay to compromise America’s credit rating and to threaten default U.S. Treasuries. This is the foundation of global financial market, and Yellen agreed with him. “Defaulting in our debt…would be simply catastrophic for the U.S.”

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