The United States will enter a “constitutional crisis” if no agreement is reached on a new debt ceiling. Janet Yellen, US Treasury Secretary, warns against this. According to Yellen, the negotiations should not take place “with a gun pointed at the head of the American people”.
Yellen voiced her criticism of the situation on ABC’s “This Week.” According to her, the consequences for financial markets will be severe if the debt ceiling is not raised in early June. If no deal is reached, Yellen says the federal government will have too little money to pay the bills.
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US President Biden has asked Congress to raise the debt ceiling without any conditions. Last month, the House of Representatives, where Republicans have a majority, passed a bill to raise the debt ceiling. However, this proposal included sweeping cuts over the next ten years that Democrats cannot accept.
It’s up to Congress to do that. If they don’t, we will have an economic and financial catastrophe of our own making,” Yellen said. Biden will meet with House Speaker Kevin McCarthy and Senate Majority Leader Mitch McConnell on Tuesday.
Source: BNR
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