WASHINGTON, March 10 (Reuters) - U.S. Treasury Secretary
Janet Yellen urged members of the U.S. House of Representatives
on Friday to raise the federal debt ceiling without conditions,
warning that a default on U.S. debt would cause an "economic and
financial catastrophe."
Yellen, in budget testimony before the Republican-controlled
House Ways and Means Committee, said that failure to increase
the $31.4 trillion borrowing cap would threaten the economic
progress that the United States has made since the COVID-19
pandemic.
"In my assessment - and that of economists across the board
- a default on our debt would trigger an economic and financial
catastrophe," Yellen said in prepared remarks. "I urge all
members of Congress to come together to address the debt limit –
without conditions and without waiting until the last minute.
Some Republicans have demanded spending concessions from
U.S. President Joe Biden in exchange for raising the debt
ceiling. Yellen has refused to negotiate over raising the debt
ceiling, arguing that it is about making good on Congress' past
spending decisions.
(Reporting by David Lawder; Editing by Paul Simao)
david.lawder.thomsonreuters.com@reuters.net))
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