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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Yellen 'nervous' about US defaulting on its debt: Axios

  • By Al Mayadeen English
  • Source: Axios
  • 28 Jan 2023 21:19
  • 2 Shares
3 Min Read

The United States Treasury Secretary says it would be devastating and a catastrophe for the US to default on its debt.

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  • Janet Yellen in Pretoria, South Africa on Jan. 26. (Photographer: Waldo Swiegers/Bloomberg)
    United States Treasury Secretary Janet Yellen in Pretoria, South Africa on January, 26 (Bloomberg)

United States Treasury Secretary Janet Yellen revealed that she feels "nervous" about the US defaulting on its debt, warning that Americans would likely face a recession if Congress doesn’t raise the debt ceiling this summer, Axios reported on Saturday.

"Of course, it makes me nervous," Yellen told Axios in Johannesburg, South Africa, at the end of a 10-day trip across the continent. "It would be devastating. It's a catastrophe."

According to the Treasury Secretary, in the event of a default, "we’ll have a financial crisis," adding that she believes the United States “would have a recession."

Yellen explained that "Spending would have to decline to match the tax revenues," which would deprive the government of any ability to improve the economy with stimulus.

She continued that then fear might run loose, making consumers scared to spend, due to what she called "psychological consequences" that "could further impact spending and deepen a recession."

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"Americans would face higher borrowing costs, and it would cause a good deal of turmoil globally as well," she warned.

Yellen pointed out that "The president and the leadership of Congress are responsible to find a way to get the debt ceiling raised."

Last week, the Treasury Department announced that it has begun taking extraordinary measures to avoid a government debt default by temporarily suspending payments that are not immediately required for essential programs or to keep the government running.
 
Yellen warned that the US national debt is approximately $31.46 trillion, warning that if Congress does not address the debt limit soon, the country risks triggering a recession or a global financial crisis. If Congress fails to raise the limit, the US will automatically default on its payments, obstructing basic US government functions.

US House Speaker Kevin McCarthy was shut down on Wednesday by President Joe Biden, who refused to participate in discussions on putting a ceiling on state debt.

McCarthy called Biden "irresponsible" and warned that this would lead to magnified financial risks.

According to the White House, Biden is expected to meet with McCarthy as part of a campaign to persuade the Republican-majority lower chamber of Congress to go against their word and allow additional spending.

Read more: US economic growth faltered in fourth quarter

  • United States
  • US
  • inflation
  • Janet Yellen
  • Recession

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