US Treasury secretary Janet Yellen has warned of a “constitutional crisis” that risks economic and financial catastrophe if Congress does not raise the federal debt limit, with the government in danger of running out of cash in the absence of new borrowing capacity.
The White House and Republican lawmakers are in a stalemate over lifting the debt ceiling, which Yellen has said could be breached as early as June 1. Her comments came two days before US president Joe Biden was scheduled to meet congressional leaders in new talks on the fiscal impasse.
“If Congress fails to meet its responsibility, there are simply no good options,” she said in an interview on ABC’s This Week on Sunday.
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