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Russian Ministry of Defense: 37 Ukrainian drones destroyed in 4 hours over regions of Russia and the Black Sea.
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.

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.

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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

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