US Treasury Secretary Janet Yellen warns that the United States may reach on December 15 again the public debt ceiling, after Congress raised it temporarily last October to spare the country the risk of default Payment.
According to Arabiya Net, the minister said in a letter to Democratic and Republican congressional leaders: According to specific scenarios, the Treasury Department will find itself with insufficient resources to continue funding US government operations after December 15.
Yellen added, "To ensure the full confidence and credit of the United States, it is imperative that Congress raise or freeze the public debt ceiling as soon as possible."
In mid-October, Congress passed a bill raising the public debt ceiling by $480 billion, in a temporary measure that spared the world's largest economic power the risk of falling, for the first time in its history, into default.
This measure has temporarily removed the specter of default from the United States and its disastrous consequences for the world's largest economic power and for the entire world.
Republicans absolutely refuse to agree to any step to raise the public debt ceiling, as they consider it tantamount to giving Biden a blank check to finance his investment projects.
Yellen has long warned that a US default could unleash a new recession.
And if the United States reaches the public debt ceiling, it can no longer borrow, and when its liquidity dries up, it becomes in a state of default, which is unprecedented in its history.
