U.S. Treasury Secretary Yellen: U.S. Could Reach Debt Default Point in August
Treasurer Yellen: (Asked about the approaching debt ceiling deadline) A national debt default should be considered “unthinkable” and if the U.S. were to default on its national debt it would be catastrophic and could trigger a crisis. “I implore” Congress to raise the debt ceiling as quickly as possible, urging that the debt ceiling be raised or suspended closer to the deadline. It is impossible to predict exactly how long the special measures will last after the deadline, and the U.S. could reach the debt default point in August. We cannot tolerate any possibility of defaulting on the debt. The special measures on controlling the debt ceiling could expire during the August congressional recess.