Treasury Secretary Janet Yellen Urges Congress to Raise Unconditional Debt Ceiling
Washington, 21 March 2023, 18:15 — REGNUM
The United States Congress must raise the ceiling of the national debt without conditions, the idea of the order of payments is the same default, only with a different name. This was announced on March 21 by the US Treasury Secretary Janet Yellenspeaking at a meeting of the American Banking Association.
“Preventing default, ensuring that the government pays the bills already committed to us by Congress, is simply the basic responsibility of Congress to the American people.”– said the US Treasury secretary.
According to Janet Yellen, the Treasury Department makes millions of payments every day. The system is designed to pay bills on time, rather than postponing it or trying to sort payments into different categories, paying off one before the other, Yellen said.
“There is a reason bipartisan finance ministers dismissed the idea of prioritization as risky and dangerous. Prioritization is nothing more than a default under another name.”– said the head of the US Treasury.
As reported IA REGNUM, earlier the former Assistant Secretary of the Treasury in the administration of Ronald Reagan, Paul Craig Roberts, said that despite the statement of US President Joe Biden, the country’s banking system is in danger. According to him, American banks will be forced to get rid of assets on the balance sheet, which will lead to further depreciation of securities. Roberts clarified that the five largest US banks carry twice the risk of global GDP.
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