Raise the debt ceiling or suffer the risk of ‘irreparable harm’ Treasury Secretary Janet Yellen said in a letter late last week.
She urged congressional leaders to raise the federal debt limit as soon as possible or risk “irreparable harm to the U.S. economy and the livelihoods of all Americans.”
In the letter, Yellen warned that the Treasury Department is unable to project how long it could stave off a potentially catastrophic default on the national debt if Congress does not either raise or suspend the debt ceiling before Aug. 1.
“In recent years Congress has addressed the debt limit through regular order, with broad bipartisan support,” Yellen wrote. “I respectfully urge Congress to protect the full faith and credit of the United States by acting as soon as possible.”
Readers Bureau, Contributor
Edited by Jesus Chan
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