Treasury Secretary, Warns of 'Financial Crisis', as Default Looms.<br />On September 28, Treasury Secretary Janet Yellen <br />warned that Congress has under three weeks <br />to avoid near-certain economic calamity.<br />On September 28, Treasury Secretary Janet Yellen <br />warned that Congress has under three weeks <br />to avoid near-certain economic calamity.<br />We now estimate that Treasury is likely <br />to exhaust its extraordinary measures <br />if Congress has not acted to raise <br />or suspend the debt limit by October 18. <br />At that point, we expect Treasury would <br />be left with very limited resources <br />that would be depleted quickly, Janet Yellen, letter to House Leader Nancy Pelosi, via NBC.<br />We now estimate that Treasury is likely <br />to exhaust its extraordinary measures <br />if Congress has not acted to raise <br />or suspend the debt limit by October 18. <br />At that point, we expect Treasury would <br />be left with very limited resources <br />that would be depleted quickly, Janet Yellen, letter to House Leader Nancy Pelosi, via NBC.<br />In a separate statement, Yellen warned lawmakers <br />that failure to take action would lead <br />to the first-ever U.S. default.<br />It is imperative that Congress swiftly<br />addresses the debt limit. If it does not, <br />America would default for the first time <br />in history. The full faith and credit of the <br />United States would be impaired, and <br />our country would likely face a financial <br />crisis and economic recession, Janet Yellen, Remarks to Senate Banking Committee, via NBC.<br />It is imperative that Congress swiftly<br />addresses the debt limit. If it does not, <br />America would default for the first time <br />in history. The full faith and credit of the <br />United States would be impaired, and <br />our country would likely face a financial <br />crisis and economic recession, Janet Yellen, Remarks to Senate Banking Committee, via NBC.<br />According to NBC, economists say a default could lead to a financial crisis triggering broad market sell-offs and an economic downturn amid a spike in interest rates.<br />According to NBC, economists say a default could lead to a financial crisis triggering broad market sell-offs and an economic downturn amid a spike in interest rates.<br />You would expect to see an interest rate spike if the debt ceiling were not raised I think there would be a financial crisis and a calamity. Absolutely, it’s true that the interest payments on the government debt would increase, Janet Yellen, Live testimony, via NBC.<br />You would expect to see an interest rate spike if the debt ceiling were not raised I think there would be a financial crisis and a calamity. Absolutely, it’s true that the interest payments on the government debt would increase, Janet Yellen, Live testimony, via NBC.<br />NBC points out that the U.S. government will shut down at the end of September if lawmakers fail to approve a new funding or appropriations bill
