The Treasury secretary is urging Congress to raise the debt limit without conditions. During a House hearing, Secretary Janet Yellen said a default on the nation’s debt would trigger an economic catastrophe. She called on lawmakers to raise the debt ceiling sooner rather than later, as a default could occur sometime between the summer and early fall.
House Republicans are demanding spending cuts before approving legislation to do so. Yellen also defended President Biden’s budget proposal arguing it would build on the rapid economic progress made following the fallout of the pandemic.
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