US debt default could cause ‘worldwide panic’ – Treasury Sec ...News

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US debt default could cause ‘worldwide panic’ – Treasury Sec
Washington must lift its $31.4 trillion borrowing limit by June 1, according to Janet Yellen Failure to avert a debt default in the US could have far-reaching consequences for the American and global economies, Treasury Secretary Janet Yellen warned on Tuesday. In remarks made to the Independent Community Bankers of America trade group, she noted that “time is running out” for Congress to lift the country’s $31.4 trillion borrowing limit. US President Joe Biden and the Republican-controlled House of Representatives have been at an impasse over the issue for months, despite the Treasury’s repeated warnings that unl

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