Ahead of a highly anticipated meeting between President Joe Biden and Congressional leaders on Tuesday, senior Treasury officials reiterated dire warnings of economic “chaos” and “catastrophe” if the US doesn’t raise the debt ceiling as the country barrels toward default in early June.
Previous administrations have deemed such a move as unworkable. “There is no way to protect our financial system and our economy other than Congress doing its job and raising the debt ceiling,” Yellen said. Adeyemo also tamped down the feasibility of using the 14th Amendment when asked about it Sunday, saying the “the only way” to “guarantee” that the US can pay its bills is to raise the debt ceiling.
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