Yellen urges Congress to raise debt limit to avoid financial crisisTreasury Secretary Janet Yellen has warned that if the debt ceiling is not raised, the US government will run out of money to pay its bills sometime in OctoberWASHINGTON - US Treasury Secretary Janet Yellen pleaded Sunday for Congress to raise the debt ceiling in order to avoid a "historic financial crisis." "Doing so would likely precipitate a historic financial crisis," Yellen wrote. The debt ceiling, which only Congress can increase, came back into force on August 1 after it had been suspended for two years. Yellen recalled the 2011 debt crisis, "debt-limit brinkmanship pushed America to the edge of crisis." In the aftermath, debt rating organization Standard and Poor's degraded the United States' debt rating to "AAA" and sent shockwaves through the markets.

Source: Bangkok Post September 20, 2021 03:56 UTC