Yellen urges Congress to raise debt limit to avoid financial crisis

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Washington (AFP) – US Treasury Secretary Janet Yellen pleaded Sunday for Congress to raise the debt ceiling in order to avoid a “historic financial crisis.” In an editorial published in the Wall Street Journal, Yellen points out that the United States has always raised the debt ceiling before exceeding its limit. “The US has never defaulted. Not once.” “Doing so would likely precipitate a historic financial crisis,” Yellen wrote.  “Default could trigger a spike in interest rates, a steep drop in stock prices and other financial turmoil.” The debt ceiling, which only Congress can increase, came…

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