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Failure to boost U.S. debt ceiling would result in ‘financial and monetary disaster,’ Yellen says

U.S. Treasury Secretary Janet Yellen on Jan. 10, 2023 in Washington.

Kevin Dietsch | Getty Photos Information | Getty Photos

The U.S. authorities dangers “financial and monetary disaster” if the Home fails to move a invoice to boost the $31.four trillion debt ceiling, Treasury Secretary Janet Yellen stated Monday.

The nation hit the statutory restrict final month, however Republican members of Congress are holding out on elevating it to barter adjustments in federal spending guidelines with the White Home earlier than drafting a invoice. The Treasury Division underneath Yellen has taken a number of momentary measures to assist the federal government keep away from default.

“America has paid all of its payments on time since 1789, and never to take action would produce an financial and monetary disaster,” Yellen instructed ABC’s George Stephanopolous on Monday. “And each accountable member of Congress should agree to boost the debt ceiling.”

The Treasury Secretary stated the Home has at all times fulfilled its responsibility to boost the restrict although it has generally “gone as much as the wire.”

Debt ceiling drama: What we need to know

Home Speaker Kevin McCarthy introduced that he’ll ship an tackle on the debt ceiling Monday at 5:30 p.m. ET. Talks between McCarthy and President Joe Biden have continued amicably, however an settlement has not been reached.

Throughout the interview, Yellen additionally praised the better-than-expected January job numbers and steadily lowering inflation, each points she stated Biden will tackle in his State of the Union speech Tuesday.

“Final month, we created over 500,000 jobs, greater than 12 million for the reason that president took workplace, and inflation is coming down,” she stated. “It stays too excessive, however it’s been falling for the final six months.”

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