9/20/2021- 3:34 p.m.
DOLLAR DISASTER?! Treasury Chief Warns of “Economic Catastrophe” as Congress Prepares to Debate Debt Ceiling
The White House warned that a failure by the US Congress to extend the debt limit could plunge the economy into a recession and lead the country to default on its payment obligations.
“The overwhelming consensus among economists and Treasury officials of both parties is that failing to raise the debt limit would produce widespread economic catastrophe,” Treasury Secretary Jannet Yellen warned in a WSJ op-ed Sunday.
The warnings come as lawmakers appeared no closer to resolving a dispute between Biden, his fellow Democrats, and Republican lawmakers, who have declined to help lift the $28.5 trillion federal borrowing limit to pay for programs already authorized by Congress.
