Treasury Sec Yellen Warns of Economic Collapse From Debt Default

Treasury Sec Yellen Warns of Economic Collapse From Debt Default

THE SIGNAL

By David LawderWASHINGTON (Reuters) ‑U.S. Treasury Secretary Janet Yellen urged members of the U.S. House of Representatives on Friday to raise the federal debt ceiling without conditions, warning that a default on U.S. debt would cause “economic and financial collapse.“Yellen, in budget testimony before the Republican-controlled House Ways and Means Committee, said that failure to increase the $31.4 trillion borrowing cap would threaten the economic progress that the U.S. has made since the COVID-19 pandemic.“In my assessment — and that of economists across the …

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