Sunday, October 10, 2021
HomeNewsTreasury Secretary Yellen Warns Debt Ceiling Battle Could Spell 'Catastrophe

Treasury Secretary Yellen Warns Debt Ceiling Battle Could Spell ‘Catastrophe

U.S. Depository Secretary Janet Yellen cautioned on ABC‘s “This Week” that Sen. Minority Leader Mitch McConnell and Republicans are playing with “fiasco” over a forthcoming battle to raise the debt ceiling.

While the Senate arrived at an arrangement on Thursday for a crisis climb of the obligation roof by $480 billion to take care of the country’s bills through Dec. 3, McConnell has cautioned of a fight blending over raising it further.

Pressed by “This Week” anchor George Stephanopoulos concerning what might occur if McConnell keeps his assertion that Republicans will not help the Democrats sometime later, Yellen painted an image with extreme results.

“Fifty million Americans wouldn’t receive Social Security payments. Our troops won’t know when or if they would be paid. The 30 million families that receive a child tax credit, those payments would be in jeopardy,” Yellen said.

She said such a scenario “could result in catastrophe.”

While no Republicans voted on Thursday to raise the debt ceiling, 11 voted with Democrats to break a Republican filibuster so the measure to raise the debt ceiling could advance.

Read More: Senate Passes Arrangement To Raise Debt Ceiling Into December, Sending Measure To House

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