July 23, 2024
Yellen warns debt-ceiling breach would have ‘adverse impact’ on U.S. dollar’s status

Yellen warns debt-ceiling breach would have ‘adverse impact’ on U.S. dollar’s status

Treasury Secretary Janet Yellen on Monday warned a breach of the U.S. debt ceiling could cause “financial chaos” and downgrade the status of the U.S. dollar as the world’s reserve currency.

Yellen spoke in a CNBC interview a day before President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet at the White House to discuss the debt ceiling. McCarthy, a California Republican, is insisting on spending cuts in exchange for raising the $31.4 trillion borrowing limit. Biden wants the debt ceiling to be raised…

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