Congress In Full On Panic Mode As Treasury Secretary Urges These Extreme Measures To Avoid Financial Collapse

By Ryan Canady | Saturday, 13 May 2023 08:30 PM
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Congress In Full On Panic Mode As Treasury Secretary Urges These Extreme Measures To Avoid Financial Collapse

Treasury Secretary Janet Yellen will likely have some extremely tough decisions to make in the coming days because there are concerns that Congress will NOT reach a deal on the debt ceiling.

If that is the case, the United States could face a historic default on its debt that it has never faced before. The Hill reported that Yellen stated that Congress should try to find a way to avoid these high-stakes showdowns in the future.

According to reporting by The Associated Press, Yellen said, “Personally, I think we should find a different system for deciding on fiscal policy,” at a G7 meeting in Japan.

Yellen continued to stress that it was her personal opinion and not the opinion of the White House that Congress should move to eliminate the debt ceiling. This option is being tossed around as a possible solution to these high-stakes showdowns in the future. Yellen added that another option could be for the President to have the power to raise the debt ceiling on his own, with Congress retaining the right to veto his decision.

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Yellen offered these alternative forms of potentially handling the debt ceiling, which is set to be breached on or around June 1. If Congress does not come up with a solution to the problem before then, the government will lack the ability to pay its bills and responsibilities. This latest deadline has put extreme pressure on Congress to figure something out and make some proactive moves to take care of the debt ceiling situation.

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Unfortunately, as things stand right now, both Republicans and Democrats have been at a standstill when it comes to negotiations over the debt ceiling. Neither side seems willing to give an inch, and it has caused at least some panic in the financial markets.

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Yellen stated that the United States has successfully raised its debt limit 80 times since 1960. She sees no reason why this should be such a sticky issue for Congress to take on at this time. She believes that Congress should work on developing a solution that will work for the future so we can all avoid the drama of these high-stakes debt ceiling negotiations moving forward.

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Yellen said: “I don’t think that’s any way to run the government,” and “To go through this every couple of years is tremendously damaging.” She also warned that it could be a disaster for the U.S. economy to have the country face a debt default.

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