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Yellen says debt ceiling should 'not be held hostage' by Congress-CNN

Economy Oct 27, 2022 08:45PM ET
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© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen testifies before a House Ways and Means Committee hearing on President Biden's proposed 2023 U.S. budget, on Capitol Hill in Washington, U.S., June 8, 2022. REUTERS/Jonathan Ernst/File Photo

CLEVELAND (Reuters) - U.S. Treasury Secretary Janet Yellen said on Thursday that both she and President Joe Biden agree that the federal debt ceiling should not be held hostage by Congress and a default on U.S. debt would be "calamitous."

Yellen, asked in a CNN interview in Cleveland about threats by some Republicans to use the next debt ceiling deadline as leverage for concessions from Biden if they win control of Congress in Nov. 8 elections, said a U.S. debt default "simply cannot be contemplated."

"The president and I agree that America should not be held hostage by members of Congress who think it's alright to compromise the credit rating of the United States and to threaten default on U.S. Treasuries, which are the bedrock of global financial markets," Yellen told CNN. "Defaulting on our debt...would be simply calamitous for the U.S."

Yellen says debt ceiling should 'not be held hostage' by Congress-CNN
 

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Comments (2)
Jimmy McGill
Jimmy McGill Oct 27, 2022 11:10PM ET
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American taxpayers should not be held hostage by out of control government spending and vote purchasing
Warren Wesley
Warren Wesley Oct 27, 2022 9:10PM ET
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how else would the country stop the overspend? dems do not respect the budget process.
 
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