there are no good options if Congress does not raise the level of public debt – Kommersant
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US Treasury Secretary Janet Yellen believes that Congress’ refusal to raise the level of public debt will lead to “financial chaos” and “economic disaster.” In her opinion, there are a number of options for this case, but there are no good ones among them.
“If Congress does not raise the debt ceiling, the President will be required to make some decisions about what to do with the resources we have. There are various options, but there are no good options,” Ms. Yellen said. CNBC.
The minister acknowledged that there is a “very big gap” between the positions of Joe Biden and the Republicans on the national debt. However, in her opinion, the demands put forward to reduce costs are “draconian”. The Republican Party now controls the House of Representatives.
Ms. Yellen sent a letter to Speaker of the House of Representatives Kevin McCarthy in early May, in which she warned that the refusal to increase the public debt would lead to negative consequences for the entire global economy.
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