Debt ceiling debate. The Treasury Secretary says the standoff risks 'calamity.'
, about such talk 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 even before “the day of reckoning.”
Yellen said she has not spoken with the U.S. Rep. Kevin McCarthy, the newly elected Republican speaker of the House. McCarthy has yet to spell out the size and target of the spending cuts that he contends are needed to put the federal government on a healthier financial path. 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.
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