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Failure to raise the debt ceiling would be “catastrophic”. US Treasury Secretary Janet Yellen said this at a hearing in Congress. The former Fed chairman warned that without actions there could be “serious damage to business and consumer confidence,” leading to rising unemployment and problems in financial markets.
“If the debt ceiling is not raised by October 18,” Yellen explained, the United States “could slide into a financial crisis and economic recession.” In other words, the risk would be that of default. “Waiting until the last minute can drive up costs for taxpayers and negatively impact the US rating for years.”