“This is a shared responsibility, and I urge Congress to come together on a bipartisan basis as it has in the past to protect the full faith and credit of the United States.” – Janet Yellen, U.S. Treasury Secretary
USAGOLD note: Maybe Janet Yellen sees it as her job, but why has the Treasury Secretary suddenly become so vocal about the ritual raising of the debt ceiling? Is she informed of something going on in Congress that is out of the ordinary? Perhaps, at the heart of it, is a concern that the rating services might look unfavorably on politicizing the federal debt burden. Still, why the big push? All said and done, the financial markets would be completely shocked if Congress did anything other than what it always does, i.e., kick, complain and maneuver, but, in the end, jack the ceiling higher.