Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children
The Ministry of Health in Gaza: Gaza's hospitals recorded six deaths due to starvation and malnutrition in the past 24 hours, all of them adults
Informed sources to Al Mayadeen: A new chapter in relations between Iran and the International Atomic Energy Agency will begin within the framework of the new law passed by Parliament
Informed sources to Al Mayadeen: The talks will focus on the political aspect, and the agency's delegation will not be accompanied by any inspector
Informed sources to Al Mayadeen: An IAEA delegation will visit Tehran next week to discuss mechanisms for implementing the parliament's law suspending cooperation with the agency
Palestinian media: Herds of Israeli settlers storm the al-Aqsa Mosque and perform Talmudic rituals in it
Al Mayadeen's correspondent in Gaza: 15 martyrs were transferred to hospitals in the Gaza Strip in the past few hours as the Israeli occupation continues its aggression on the camps of the displaced
Al Mayadeen's correspondent in Gaza: 38 were killed since dawn on Saturday, as the Israeli occupation army targeted aid seekers at distribution sites
Palestinian Red Crescent: One martyr, several injuries among our teams after the occupation bombed the association's headquarters in al-Amal neighborhood, west of Khan Younis.

Yellen warns brinkmanship over debt limit risks serious economic costs

  • By Al Mayadeen English
  • Source: Agencies
  • 11 May 2023 11:24
2 Min Read

The Treasury Secretary says a default on US obligations would produce an economic and financial catastrophe.

  • x
  • Yellen warns of 'catastrophic' consequences if US defaults on debt
    US Treasury Secretary Janet Yellen during a press conference at the G7 meeting of Finance Ministers and Central Bank Governors, at Toki Messe in Niigata, Japan, Thursday, May 11, 2023 (Reuters)

Treasury Secretary Janet Yellen warned on Thursday that pursuing a political policy of standing on the edge of the abyss over the US debt ceiling crisis might lead to "serious economic costs" even without a default.

Her comments came during a three-day financial summit for G7 members held in Japan, attended by finance ministers and heads of central banks.

US President Joe Biden said on Tuesday that he might not attend the G7 summit for presidents next week if the debt ceiling issue is not resolved by then.

Former US President Donald Trump called on Republicans to default on US debt by refraining from raising the debt ceiling if Democrats did not agree on the spending cuts.

"In my assessment -- and that of economists across the board -- a default on US obligations would produce an economic and financial catastrophe," Yellen said in a speech.

"Short of a default, brinkmanship over the debt limit can also impose serious economic costs," she added.

Related News

Notorious Palantir lands record $10bln contract with the US Army

Another US citizen killed by Israeli settler attack in West Bank

Read more: Senators urge Biden to stop playing 'Russian roulette' with US economy

Last week Yellen warned that the Treasury Department is exhausting its available measures to avoid a default.

"We've been using extraordinary measures for several months now and our ability to do that is running out," she said then.

On Thursday, she said there is "no good reason to generate a crisis of our own making" after recalling a similar situation in 2011 which led to the US losing its AAA debt rating.

"The US Congress has raised or suspended the debt limit almost 80 times since 1960. I urge it to act quickly to do so once again."

Biden met in the White House on Tuesday with bipartisan congressional leaders to discuss the matter. But the talks did not yield an outcome.

Another round of talks between the parties will be held on Friday.

  • United States
  • Japan
  • G7
  • US
  • US debt default
  • Janet Yellen
  • US debt ceiling
  • Joe Biden
  • Donald Trump

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
An explosion seen during an Iranian missile attack on Tel Aviv, Occupied Palestine, June 13, 2025 (AP)

If Iran is attacked again, geography of response may change: IRGC spox

  • Politics
  • 30 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Starved, shot, bombed, 'Israel' finds no fault
Politics

'Israel' closes 88% of war crimes cases without charges: Watchdog

Alex Karp, CEO of the software firm Palantir Technologies, arrives as then Senate Majority Leader Chuck Schumer, convenes a closed-door gathering of leading tech CEOs, Wednesday, Sept. 13, 2023 (AP)
Technology

Notorious Palantir lands record $10bln contract with the US Army

‘March for humanity’: Protesters brave rain for Gaza on Sydney bridge
Politics

‘March for humanity’: Protesters brave rain for Gaza on Sydney bridge

A Syrian Democratic Forces (SDF) fighter stands in guard during a gathering to celebrate Nowruz, Kurdish New Year, in Qamishli, northeastern Syria, Friday March 21, 2025 (AP)
Politics

SDF asserts 'right to retaliate' against strikes near Deir Hafer

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS