- U.S. Treasury Secretary Yellen's testimony: It is imperative that Congress swiftly addresses the debt limit
Market news
28 September 2021
U.S. Treasury Secretary Yellen's testimony: It is imperative that Congress swiftly addresses the debt limit
- We are in the midst of fragile but rapid recovery
- Significant challenges from the Delta variant continue to suppress speed of recovery and present substantial barriers to vibrant economy; still, I remain optimistic about the medium-term trajectory of our economy, and I expect we will return to full employment next year
- U.S. recovery is stronger than those of other wealthy nations; one key factor for our overperformance is policy choices that Congress has made over past 18 months
- Those choices include the passage of CARES Act, Consolidated Appropriations Act, and American Rescue Plan
- As for state, local, tribal, and territory governments, COVID-19 decimated their budgets
- There were mass layoffs, and to end health and economic emergencies, we knew that communities would need funding
- The American Rescue Plan included $350 billion to that end, and those dollars are indeed helping machinery of local governments get up-and-running; states and localities can rely on relief money that is available instead of resorting to painful budget cuts
- I'll end my remarks there except to reiterate what I've communicated many times these past several weeks: it is imperative that Congress swiftly addresses the debt limit. If it does not, America would default for first time in history
- Full faith and credit of U.S. would be impaired, and our country would likely face financial crisis and economic recession
- It’s necessary to avert catastrophic event for our economy
- For relief dollars not yet out door, Treasury is doing everything it can to expedite their delivery
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