{"id":855949,"date":"2021-10-07T09:44:08","date_gmt":"2021-10-07T13:44:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=855949"},"modified":"2021-10-07T09:44:09","modified_gmt":"2021-10-07T13:44:09","slug":"yellen-says-us-faces-recession-if-congress-does-not-raise-debt-ceiling","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/yellen-says-us-faces-recession-if-congress-does-not-raise-debt-ceiling\/","title":{"rendered":"Yellen Says US Faces Recession If Congress Does Not Raise Debt Ceiling"},"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\">24<\/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-says-us-faces-recession-if-congress-does-not-raise-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=855949&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><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-258.jpeg?w=1200&amp;h=800&amp;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>According to Treasury Secretary Janet Yellen, the United States economy will enter a recession if lawmakers do not raise the debt ceiling.<\/span><\/p>\n<p><span>Two years ago, Congress <\/span><a href=\"https:\/\/www.dailywire.com\/news\/yellen-says-failing-to-raise-federal-debt-limit-will-trigger-historic-financial-crisis\"><span>suspended<\/span><\/a><span> the debt ceiling \u2014 a rule that bars the federal government from taking on a certain level of national debt \u2014 until August 2021. After lawmakers failed to revisit the policy this summer, Yellen was forced to enact \u201cextraordinary\u201d cash-saving measures to continue the federal government\u2019s operations.<\/span><\/p>\n<p><span>Yellen \u2014 who previously served as Chair of the Federal Reserve \u2014 more recently told Congress that the government will default on October 18 if the debt limit is not raised.<\/span><\/p>\n<p><span>During an interview with <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/10\/05\/debt-ceiling-us-faces-recession-if-congress-doesnt-act.html\"><span>CNBC<\/span><\/a><span>, Yellen affirmed that \u201cit would be catastrophic to not pay the government\u2019s bills, for us to be in a position where we lacked the resources to pay the government\u2019s bills.\u201d<\/span><\/p>\n<p><span>\u201cI fully expect it would cause a recession as well,\u201d Yellen added.<\/span><\/p>\n<p><span>Among other problems, Yellen noted that a financial crisis in the United States could dethrone the dollar as the world\u2019s reserve currency.<\/span><\/p>\n<p><span>\u201cU.S. Treasury securities have long been viewed as the safest asset on the planet,\u201d Yellen said. \u201cThat partly accounts for the reserve status of the dollar. And placing that in question by failing to pay any of our bills that come due would really be a catastrophic outcome.\u201d<\/span><\/p>\n<p><span>In a recent opinion piece for <\/span><a href=\"https:\/\/www.wsj.com\/articles\/congress-raise-debt-limit-ceiling-yellen-treasury-brinkmanship-federal-budget-11632069056\"><span>The Wall Street Journal<\/span><\/a><span>, Yellen also warned that the government will not be able to make critical payments without a hike in the borrowing limit: \u201cNearly 50 million seniors could stop receiving Social Security checks for a time. Troops could go unpaid. Millions of families who rely on the monthly child tax credit could see delays. America, in short, would default on its obligations.\u201d<\/span><\/p>\n<p><span>On Monday, Senate Minority Leader Mitch McConnell (R-KY) argued in a <\/span><a href=\"https:\/\/www.dailywire.com\/news\/mcconnell-to-biden-on-debt-ceiling-were-doing-what-you-used-to-do-democrats-had-3-months-to-fix-this\"><span>letter<\/span><\/a><span> to President Biden that Democrats will need to own any raising of the debt ceiling.<\/span><\/p>\n<p><span>\u201cSince mid-July, Republicans have clearly stated that Democrats will need to raise the debt limit on their own. All year, your party has chosen to pursue staggering, \u2018transformational\u2019 spending through unprecedented use of the party-line reconciliation process,\u201d the letter said. \u201cDemocrats inherited bipartisan trends from COVID relief to appropriations but have chosen to govern alone. Even now, with Americans already facing painful inflation, Democrats are preparing another staggering taxing and spending spree without any Republican input or support.\u201d<\/span><\/p>\n<p><span>\u201cFor two and a half months, we have simply warned that since your party wishes to govern alone, it must handle the debt limit alone as well,\u201d the letter continued.<\/span><\/p>\n<p>More recently, however, McConnell offered Democrats a short-term <a href=\"https:\/\/thehill.com\/homenews\/senate\/575583-mcconnell-to-propose-deal-with-schumer-to-solve-debt-impasse\">compromise<\/a> that would fund the government through December.<\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to Treasury Secretary Janet Yellen, the United States economy will enter a recession if lawmakers do not raise the debt ceiling.Two years ago, Congress suspended the debt ceiling \u2014 &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-855949","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\/855949","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=855949"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/855949\/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=855949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=855949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=855949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}