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Treasury’s Yellen agrees debt default would cause ‘irreparable’ damage to U.S By Reuters

by Mike Robinson

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© Reuters. Janet Yellen is a Treasury Secretary who attended the House Financial Services Committee hearing, Washington, U.S.A. September 30, 2021. Al Drago/Pool via REUTERS

(Reuters) – Treasury Secretary Janet Yellen on Thursday agreed that any default on U.S. debt would cause irreparable harm.

When asked by a member from the House Financial Services Committee if the harm caused by the failure to fulfill the federal government’s debt obligations would cause irreparable damage, Janet Yellen replied “Yes.”

Unless Congress raises federal debt limits, Yellen said that the government will soon run out cash by October 18. Yellen told the committee that Treasury would “simply be in an impossible circumstance” after this date. “We will not be able pay all the bills of government.”

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