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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 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.

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  • 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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