*YELLEN: U.S. DEFAULT WOULD RESULT IN 'UNPRECEDENTED ECONOMIC AND FINANCIAL STORM;' RESULTING INCOME SHOCK COULD LEAD TO RECESSION 🇺🇸🇺🇸
WASHINGTON - U.S. Treasury Secretary Janet Yellen on Tuesday warned that a default on government debt would likely leave millions of Americans without income payments, potentially triggering a recession that could destroy many American jobs and businesses.
Yellen on Monday told Congress the Treasury expects to be able to pay the U.S. government's bills only through June 1 without a debt limit increase, heaping pressure on Republicans in Congress and the White House to reach a deal in coming days."Our economy would suddenly find itself in an unprecedented economic and financial storm," she said, adding that 66 million Social Security beneficiaries and millions of veterans and military families would likely go unpaid.
"The U.S. economy hangs in the balance. The livelihoods of millions of Americans do too. There is no time to waste. Congress should address the debt limit as soon as possible."
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