The Global Economic Impact of the US Debt Ceiling Standoff.
TL;DR Summary
US Treasury Secretary Janet Yellen has warned that a US default would trigger a global economic downturn and risk undermining the country’s ability to provide global leadership. Yellen urged Congress to raise its debt ceiling, saying that a default would threaten the gains made in the pandemic recovery and spark a global downturn. The White House has estimated that a protracted default would wipe out more than 8 million jobs and cut the value of the stock market in half. Yellen has been stepping up warnings on the matter in recent days, even personally calling CEOs to discuss the consequences of brinkmanship around the debt ceiling.
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- Yellen says ‘different system’ needed to end standoffs on debt ceiling The Hill
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- Yellen Calls Invoking 14th Amendment to Raise Debt Limit 'Legally Questionable' The New York Times
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