Asked in the interview about talks of withholding approval for a higher debt limit unless there are accompanying spending cuts, Yellen called that stance “a very irresponsible thing to do” and said it could have serious consequences.
DAKAR, Senegal — U.S. Treasury Secretary Janet Yellen said in an Associated Press interview Saturday she expects Congress will ultimately vote to raise America's debt limit, but demands by House Republicans for spending cuts in return for backing an increase are “a very irresponsible thing to do” and risk creating a “self-imposed calamity” for the global economy.
As for a potential default, she said, that “would impose a self-imposed calamity in the United States and the world economy.” The Treasury's extraordinary steps so far mean that the U.S. government should be able to operate until some point in June, when the limit would need to be increased to avoid what could be significant economic damage.
Despite the dire warnings, Yellen said she believes the situation ultimately will be defused because lawmakers can appreciate the escalating danger if the federal government was unable to pay all of its bills: crashing financial markets, mass firings, and an economic downturn that could jeopardize America's place in the world hierarchy.The treasury secretary said that White House and officials from her department “are meeting to discuss possible paths forward.
Yellen sat down for the Saturday interview in the middle of a continent-spanning trip, in which she met with her Chinese counterpart in Switzerland before heading to Senegal, Zambia and South Africa. Yellen said the administration has not turned to reparations — payments and other programs intended for the descendants of slaves — to address the inequality.
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