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Title : US Treasury Secretary Janet Yellen Warns The Mere Specter Of A U.S. Default Can Have Drastic Consequences
link : US Treasury Secretary Janet Yellen Warns The Mere Specter Of A U.S. Default Can Have Drastic Consequences

US Treasury Secretary Janet Yellen Warns The Mere Specter Of A U.S. Default Can Have Drastic Consequences

Former Federal Reserve chair Janet Yellen © Reuters / Joshua Roberts  

CNBC: Yellen urges Congress to raise debt limit, warns Pelosi about extraordinary measures running out soon 

* Treasury Secretary Janet Yellen on Wednesday warned House Speaker Nancy Pelosi that the mere specter of a U.S. default can have drastic consequences. 

* Yellen reiterated that lawmakers have until some point in October before the department exhausts its extended efforts to prevent what would be a historic default. 

* “A delay that calls into question the federal government’s ability to meet all its obligations would likely cause irreparable damage to the U.S. economy,” Yellen wrote. 

* Pelosi replied that addressing the ceiling “has to happen” and called upon Republicans to support an increase. 

Treasury Secretary Janet Yellen on Wednesday warned House Speaker Nancy Pelosi that the mere specter of a U.S. default can have drastic consequences for U.S. financial markets and urged Democratic leadership to raise or suspend the debt ceiling as soon as possible. 

Yellen reiterated that lawmakers have until some point in October before the department exhausts its extended efforts to prevent what would be a historic default.  

Read more ....  

Update #1: Yellen triggers alarm bells over debt ceiling cliff (The Hill)  

Update #2: Yellen warns of likely October debt cliff and incoming 'irreparable damage' (Politico)  

WNU Editor: The debt limit will be raised. Next topic.

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