Yellen Urges Congress to Raise Debt Limit to Avoid Crisis
TL;DR Summary
Treasury Secretary Janet Yellen warns of "economic calamity" if Congress doesn't raise the debt ceiling in the coming weeks. President Biden and Democrats want to increase the borrowing limit, but Republicans refuse to approve any such legislation unless it also cuts future federal spending. There are a few possible outcomes, including negotiating a deal, a temporary debt ceiling increase, or letting the country default. Republicans argue that raising the debt ceiling and cutting federal spending have happened in tandem before.
- Congress must raise the debt limit to avoid 'calamity,' Yellen says NPR
- Yellen Says No Good Alternative to Congress Lifting Debt Cap Yahoo Finance
- Yellen calls invoking 14th Amendment a ‘constitutional crisis’ The Hill
- Senior Treasury officials reiterate dire warnings if debt ceiling isn't lifted, pour cold water on invoking the 14th Amendment CNN
- Biden to Meet with Kevin McCarthy in Debt Ceiling Talks The New York Times
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