{"id":1919045,"date":"2023-04-25T16:26:04","date_gmt":"2023-04-25T20:26:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-of-economic-and-financial-catastrophe-but-insists-its-preventable\/"},"modified":"2023-04-25T16:26:58","modified_gmt":"2023-04-25T20:26:58","slug":"yellen-warns-of-economic-and-financial-catastrophe-but-insists-its-preventable","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-warns-of-economic-and-financial-catastrophe-but-insists-its-preventable\/","title":{"rendered":"Yellen Warns of \u2018Economic and Financial Catastrophe,\u2019 but Insists It\u2019s \u2018Preventable\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fyellen-warns-of-economic-and-financial-catastrophe-but-insists-its-preventable%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1919045&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0425\/370af99d-fb74-489b-8d84-84999d575239\/audio.mp3?length=5257197&#038;duration=438\"><\/div>\n<\/p>\n<p>Hold on to your hats, folks! Treasury Secretary Janet Yellen just issued a dire warning about the potential consequences of Congress failing to raise the debt ceiling. In her prepared remarks for the Sacramento Metro Chamber\u2019s annual Capitol-to-Capitol program, Yellen painted a bleak picture of an \u201ceconomic and financial catastrophe\u201d that could decimate jobs and make loans more expensive for years to come if the government defaults on its obligations.<\/p>\n<p>While acknowledging the U.S. economic recovery from the pandemic recession, Yellen also noted that inflation remains a problem. But it&#8217;s the debt-ceiling standoff that she says \u201ccould threaten all the progress\u201d of the past two years. The United States hit its $31.4 trillion debt ceiling in January, and Democrats and Republicans are at odds over how to raise it.<\/p>\n<p>Yellen called it a \u201cbasic responsibility\u201d of Congress to raise or abolish the borrowing cap, warning that a default on the country\u2019s debt would lead to an \u201ceconomic and financial catastrophe.\u201d In other words, American businesses would face deteriorating credit markets while the government would probably be unable to issue payments to military families and seniors who rely on Social Security. Yikes!<\/p>\n<p>But there&#8217;s hope yet. Yellen emphasized that this economic catastrophe is preventable if Congress votes to raise or suspend the debt limit without conditions. President Joe Biden has also insisted on an unconditional lift of the debt cap, while Republicans have been seeking to tie spending cuts in exchange for their support to raise the borrowing limit.<\/p>\n<p>Last week, House Republicans introduced legislation to raise the debt ceiling by $1.5 trillion while laying out a series of spending cuts amounting to roughly $4.5 trillion. Biden rejected the proposal, claiming the GOP is \u201cnot about fiscal discipline\u201d but about \u201cfinding ways to squeeze out more of America\u2019s middle class.\u201d<\/p>\n<h2>What&#8217;s in the GOP Debt-Ceiling Plan?<\/h2>\n<p>The Republicans\u2019 320-page bill, called the Limit, Save, Grow Act of 2023, calls for returning discretionary spending to 2022 levels, capping spending growth to 1 percent per year, and repealing certain tax credits. The plan would also cancel Biden\u2019s student loan forgiveness program, take back unspent COVID-19 relief funds, remove barriers to increased domestic energy production, and reimpose work requirements for many people collecting welfare.<\/p>\n<p>House Speaker Kevin McCarthy (R-Calif.) said on the House floor last week, \u201cIf Washington wants to spend more, it will have to come together and find savings elsewhere, just like every household in America.\u201d<\/p>\n<p>So, will Congress come together and find a solution before it&#8217;s too late? Or will we witness the first default in our nation\u2019s history? Stay tuned!<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen on Tuesday warned of an \u201ceconomic and financial catastrophe\u201d that would decimate jobs and make loans more expensive for years to come if Congress fails to raise the debt ceiling and the government defaults on its obligations. Yellen issued the warning in prepared remarks for the 51st annual Sacramento Metro Chamber\u2019s<\/p>\n","protected":false},"author":118,"featured_media":1919046,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[16564,4202,4263,7444,6550,13909,3633,5286],"class_list":["post-1919045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-catastrophe","tag-economic","tag-financial","tag-insists","tag-its","tag-preventable","tag-warns","tag-yellen"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1919045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1919045"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1919045\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1919046"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1919045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1919045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1919045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}