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If the financial obligation ceiling is not elevated in time, the U.S. will fail, which would cause a monetary dilemma and also weaken the united state dollar, U.S. Treasury Secretary Janet Yellen informed the U.S. Us senate on Tuesday.
An U.S. default would additionally threaten the confidence in the united state government, Yellen included, prompting united state lawmakers to act now.
Federal Book Chair Jerome Powell likewise testified alongside Yellen, informing the Board on Banking, Real Estate, and also Urban Affairs that if the debt ceiling is not raised, possible consequences might be "serious.".
Powell was additionally smoked on rising cost of living, Fed's optimum work objectives, and also the healing progression.
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Yellen & Powell testify: 'Failure to raise debt ceiling will trigger financial crisis, calamity'
If the debt ceiling is not raised in time, the U.S. will default, which would trigger a financial crisis and undermine the U.S. dollar, U.S. Treasury Secretary Janet Yellen told the U.S. Senate on Tuesday.
A U.S. default would also undermine the confidence in the U.S. government, Yellen added, urging U.S. lawmakers to act now.
Federal Reserve Chair Jerome Powell also testified alongside Yellen, telling the Committee on Banking, Housing, and Urban Affairs that if the debt ceiling is not raised, potential consequences could be "severe."
Powell was also grilled on inflation, Fed's maximum employment goals, and the recovery progress.
__________________________________________________________________
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