Yellen: Debt limit must be raised to avoid default
U.S. Treasury Secretary, Janet Yellen in London, England. (Photo by Justin Tallis – WPA Pool/Getty Images)
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UPDATED 1:50 PM PT – Monday, August 9, 2021
Treasury Secretary Janet Yellen has urged Congress to raise the debt limit once again. In a statement issued on Monday, Yellen pointed out the debt limit had been raised on a bipartisan basis in previous years.
While waiting for the limit to be raised again, Yellen said the Treasury Department has taken extraordinary measures to prevent a default on debt. She added failure to act would cause irreparable harm to the U.S. economy as well as the livelihoods of all Americans.
NEW:
Treasury Secretary Janet Yellen is calling on Congress to increase or suspend the debt limit on a bipartisan basis pic.twitter.com/Qo89Fg0dYO— Stephanie Myers (@_StephanieMyers) August 9, 2021
Meanwhile, Senate Minority Leader Mitch McConnell (R-Ky.) vows Republicans will not support any proposal to raise the debt limit.
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