“Economic Disaster Looming: World Braces for Possible Impact in the Next Two Weeks”

US Treasury Secretary Janet Yellen announced that she intends to inform the US Congress of the expected default dates within two weeks.

“I don’t want to talk about exact dates. This will definitely happen within the next two weeks, ”Yellen said in an interview with Bloomberg, which was published on Friday.

Last January, the United States exceeded its $31.4 trillion statutory debt ceiling, prompting the US Treasury to use emergency measures to continue its financial operations. The US administration has been urging Congress in recent months to raise the national debt limit. Republicans, who control the House of Representatives, agreed to raise the national debt ceiling subject to significant budget cuts, but the White House rejected these demands, saying it was ready to discuss spending cuts, but lawmakers should raise the national debt ceiling. debt ceiling without any preconditions.

For her part, Yellen warned Congress that the administration could resort to emergency measures to reach the national debt ceiling as early as June 1. She has repeatedly pointed out that in this case, the country faces a default on the federal debt, which will lead to an “economic disaster” in the country, which can also cause shocks in the global economy. To prevent this, US President Joe Biden and Republican leaders in Congress agreed to hold consultations.

Source: TASS

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