Treasury Secretary Janet Yellen warned on Sunday that it would be a “catastrophe” if Democrats and Republicans fail to raise the debt ceiling, and painted …
Treasury Secretary Janet Yellen warned on Sunday that it would be a “catastrophe” if Democrats and Republicans fail to raise the debt ceiling, and painted a dire picture of the consequences such a scenario would have on Americans and the US economy. The Senate voted along party lines last week to raise the federal government’s borrowing limit by about $480 billion but with another showdown expected in December. Senate Minority Leader Mitch McConnell, who approved of the short-term extension, said Democrats will be on their own. Yellen was asked what would happen if the debt limit isn’t raised. “Fifty million Americans wouldn’t receive Social Security payments. Our troops won’t know when or if they would be paid. The 30 million families that receive a child tax credit, those payments would be in jeopardy,” she said on ABC’s “This Week,” adding the situation “could result in catastrophe.
