US warns of ‘economic catastrophe’ ...News

Default on the nation’s debt would be disastrous, Janet Yellen has said A failure by the US to raise its debt ceiling would lead to an economic and financial crisis in the country, Treasury Secretary Janet Yellen has cautioned, urging lawmakers to act and not wait “until the last minute.”  The debt ceiling is the maximum amount the US government is legally authorized to borrow to meet its obligations. Yellen warned during a meeting with business executives from California on Tuesday that a default would result in job losses and push household payments on mortgages and credit cards higher. The Treasury secretary in

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