Shutdown debate: Treasury Secretary Yellen issues a warning in view of the impending US default

Treasury Secretary Janet Yellen has once again issued an urgent warning of a US default.

“It is imperative that Congress deal with the debt limit,” said Yellen on Thursday at a hearing in the House of Representatives. If the debt ceiling is not raised or suspended, the US could run out of money by October 18. Confidence in the country’s creditworthiness would be damaged – a financial crisis and recession looming, Yellen warned. That would be disastrous. The US would fall behind for the first time in history, Yellen threatened. Federal Reserve Chairman Jerome Powell made a similar statement. “It is imperative, in my opinion, that the debt ceiling is raised in a timely manner so that we can pay our bills,” he said. If this does not happen, the consequences would be severe. The new fiscal year in the US starts this Friday. If no budgetary regulation has been adopted by then, parts of the government would “shut down”. Last week, the House of Representatives voted with the Democrats to agree to a temporary financing arrangement for the government. In the Senate, however, the Republicans resisted because it also provided for the debt ceiling to be suspended for the time being – which they reject. /nau/DP/jslWASHINGTON (dpa-AFX)

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