05/08/2023

Yellen Warns of 'Constitutional Crisis' if Congress Fails to Act on Debt

The U.S. will default by June 1

Sunday on news shows, Treasury Secretary Janet Yellen issued a stark warning that a failure by Congress to act on the debt ceiling could trigger a "constitutional crisis" that also would call into question the federal government's creditworthiness.

Yellen sounded the alarm over possible financial market consequences if the debt ceiling is not raised by early June, when she has said the federal government could run short of cash to pay its bills.

The negotiations on the issue should not take place "with a gun to the head of the American people," Yellen told the ABC program "This Week."

Please select this link to read the complete article from Reuters.