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Failure to deal with debt limit would ‘eviscerate’ U.S. economic recovery

by Mike Robinson

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© Reuters. U.S. Treasury Secretary Janet Yellen addresses a news conference alongside Paschal Dohoe, Irish Finance minister, on November 1, 20,21 at Government buildings, Dublin, Ireland. REUTERS/Clodagh Kilcoyne/Files

WASHINGTON (Reuters), – Janet Yellen from the U.S. Treasury urged Congress today to raise the U.S. Debt Limit or she would risk weakening the U.S.’s remarkable recovery following the COVID-19 pandemic.

In remarks she prepared for Tuesday’s hearing of the Senate Banking Committee, Yellen stated that while U.S. growth remains strong at this stage, she is confident about the future, and warned against failing to address the debt limit.

Also, she urged Congress to approve President Joe Biden’s $1.75 trillion climate and social spending bill. It would put an end to the “childcare crisis” and allow parents and children to go back to work.

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