U.S. Treasury's Yellen: Debt default would 'permanently' weaken America
U.S. Treasury Secretary Janet Yellen issued a fresh plea for Congress to raise the federal debt ceiling on Sunday, arguing a default on U.S. debt would trigger a historic financial crisis.
In a Wall Street Journal opinion piece, Yellen said that the crisis triggered by a default would compound the damage from the continuing coronavirus pandemic, roiling markets and plunging the U.S. economy back into recession at the cost of millions of jobs and a lasting hike in interest rates.
Top Senate Democrat Schumer asks U.S. businesses to weigh in on debt default
U.S. Senate Majority Leader Chuck Schumer urged the business community on Tuesday to start weighing in with Republicans on the dangers of not raising the debt ceiling to avoid a government default or partial government shutdown.
Reference: Reuters
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