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Keyword: defaulting

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  • Yellen ‘nervous’ about US defaulting on debt

    01/29/2023 7:26:01 AM PST · by ChicagoConservative27 · 58 replies
    The hill ^ | 01/29/2023 | Stephen Neukam
    Treasury Secretary Janet Yellen warned that the U.S. is facing a catastrophic debt crisis if lawmakers fail to raise the borrowing limit, saying the country would face a spiraling recession. “It would be devastating,” Yellen said to Axios in an interview from Johannesburg, South Africa. “It’s a catastrophe.” “Of course, it makes me nervous,” she added The U.S. reached its technical borrowing limit of around $31.4 trillion earlier this month, but Yellen has been able to enact accounting moves that will allow the federal government to pay its bills until sometime in June. Before then, lawmakers must agree to lift...