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Yellen says without debt limit hike, U.S. could face August default risk


NewsMax/Associated Press

Repost from 6-25-2021

artist rendering of a cannon shot across the bow

“Treasury Secretary Janet Yellen told a congressional panel Wednesday that failing to raise the federal debt ceiling would have ‘catastrophic consequences’ that could bring on a financial crisis.”

USAGOLD note: A shot across the bow for those who think the debt limit problem is a thing of the past. Lo and behold, it could instigate a default on U.S. debt obligations and a downgrade of the nation’s bond rating – an unwelcome development in a bond market already standing on shaky ground. Congress needs to act before July 31. Up until yesterday and Yellen’s comments, few knew the debt ceiling was a problem.

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