Yellen said default in US would turn into economic disaster

US Treasury Secretary Janet Yellen noted that declaring a default in the United States would lead to an economic catastrophe, Bloomberg reports

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According to Ms. Yellen, if Congress fails to agree on raising the debt ceiling, it will really worsen the US credit rating. "We will face a financial and economic catastrophe," she stressed. At the same time, she did not explain what her department would do if Congress refused to raise the debt ceiling.

The US President Administration has recently called on Congress to raise the debt ceiling, legislatively set at $31.4 trillion in spending. In January, the US Treasury began to apply emergency measures in connection with the achievement of the borrowing limit to avoid a default.