{"id":601454,"date":"2021-07-23T16:50:18","date_gmt":"2021-07-23T20:50:18","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=601454"},"modified":"2021-07-23T16:50:21","modified_gmt":"2021-07-23T20:50:21","slug":"janet-yellen-warns-of-irreparable-harm-if-congress-doesnt-raise-the-debt-ceiling","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-warns-of-irreparable-harm-if-congress-doesnt-raise-the-debt-ceiling\/","title":{"rendered":"Janet Yellen Warns Of \u2018Irreparable Harm\u2019 If Congress Doesn\u2019t Raise The Debt Ceiling"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/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%2Fjanet-yellen-warns-of-irreparable-harm-if-congress-doesnt-raise-the-debt-ceiling%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=601454&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--><aside id=\"right1forarticles\">\n<\/aside>\n<div id=\"ob-read-more-selector\" readability=\"49.664520149564\">\n<p>Treasury Secretary Janet Yellen warned congressional leaders Friday that failing to raise the debt ceiling would risk \u201cirreparable harm to the U.S. economy and the livelihoods of all Americans.\u201d<\/p>\n<p>In a <a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Debt-Limit-Letter-to-Congress-20210723-Pelosi.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">letter<\/a>, Yellen said that she did not know how long the Treasury Department could prevent the U.S. from defaulting on its debt, which could carry catastrophic economic consequences. The debt ceiling is set to expire on Aug. 1.<\/p>\n<p>\u201cIn recent years Congress has addressed the debt limit through regular order, with broad bipartisan support,\u201d Yellen wrote. \u201cI respectfully urge Congress to protect the full faith and credit of the United States by acting as soon as possible.\u201d<\/p>\n<p>The debt ceiling does not affect government spending, but instead limits how much additional debt the government can take while paying for provisions that have already been passed by Congress and signed into law. Congress last raised the debt ceiling in <a href=\"https:\/\/dailycaller.com\/2019\/07\/22\/breaking-news-trump-announces-sweeping-budget-agreement\/\" target=\"_blank\" rel=\"noopener noreferrer\">2019<\/a>.<\/p>\n<p>Yellen\u2019s letter was sent to House Speaker Nancy Pelosi, House Minority Leader Kevin McCarthy, Senate Majority Leader Chuck Schumer, Senate Minority Leader Mitch McConnell and the top Democrats and Republicans House Ways and Means and Senate Finance committees. <strong><a href=\"https:\/\/dailycaller.com\/2021\/07\/13\/government-deficit-second-largest-us-history\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Government Deficit On Pace To Be Second Largest In US History)<\/a><\/strong><\/p>\n<div id=\"attachment_7238759\" class=\"wp-caption alignnone\" readability=\"33\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7238759\" loading=\"lazy\" class=\"size-full wp-image-7238759\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-scaled-1.jpg\" alt srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-180x120.jpg 180w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-620x413-1.jpg 620w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-768x512-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-1536x1024-1.jpg 1536w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1311685851-2048x1365-1.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p id=\"caption-attachment-7238759\" class=\"wp-caption-text\">President Joe Biden speaks as Treasury Secretary Janet Yellen listens during a White House meeting on April 9. (Amr Alfiky\/Pool\/Getty Images)<\/p>\n<\/div>\n<p>Senate Republicans this week threatened to not support a debt ceiling raise unless Democrats adopted debt reduction provisions. Democrats have refused to do so and have attacked Republicans for risking the nation\u2019s economic standing over what they say are partisan demands.<\/p>\n<p>Yellen said that the Treasury\u2019s ability to mitigate any economic fallout could only last until September, earlier than the Congressional Budget Office has <a href=\"https:\/\/dailycaller.com\/2021\/07\/21\/congressional-budget-office-joe-biden-mitch-mcconnell\/\" target=\"_blank\" rel=\"noopener noreferrer\">projected<\/a>. She added that a failure to raise the ceiling would damage America\u2019s financial standing with other countries.<\/p>\n<p>\u201cThis is why no President or Treasury Secretary of either party has ever countenanced even the suggestion of a default on any obligation of the United States,\u201d Yellen said.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen warned congressional leaders Friday that failing to raise the debt ceiling would risk \u201cirreparable harm to the U.S. economy and the livelihoods of all &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-601454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/601454","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=601454"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/601454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=601454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=601454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=601454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}