United States Treasury Secretary Janet Yellen remarked on Tuesday that not raising or suspending the debt limit would lead to an "economic and financial catastrophe" and endanger "a historic recovery" achieved during President Joe Biden's mandate so far.
Speaking at the Capitol-to-Capitol economic event in Sacramento, Yellen stressed such a turn of events would cause job cuts, a rise in prices, and increased costs of future investments, among other things. She urged Congress to approve raising or suspending the debt limit and insisted "it should do so without conditions."
Yellen also said reducing inflation remains the Biden administration's top priority, planned to be achieved through "continuing to ease supply chain pressures; stabilizing global energy markets; and providing relief for everyday costs like healthcare premiums and prescription drugs."
