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Yellen Reiterates Call for Congress to Hike Debt Limit

August 9, 2021 by Forex Winner Leave a Comment

Yellen Reiterates Call for Congress to Hike Debt Limit

Source: Reuters

Treasury Secretary Janet Yellen reiterated her call for American lawmakers to increase the $28.5-trillion debt limit, warning of economic harm if left unchanged.

  • Yellen said Congress should act urgently as it has in the past, as this could cause another shutdown of the federal government or a debt default.
  • The Secretary called it a “shared responsibility,” as more Republicans were hesitant to support the increase.
  • Republicans earlier denounced the spending plans amid the COVID-19 pandemic.
  • Yellen explained that the majority of the accumulated debt was before the administration of President Joe Biden. She already called for a cap increase in June and July.
  • Republican Senators earlier said Democrats should address the cap themselves, as they are able to do so with their own votes.

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