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Canada The US Secretary to the Treasury warns against a default

09:05  20 september  2021
09:05  20 september  2021 Source:   lepoint.fr

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La secrétaire américaine au Trésor met en garde contre un défaut de paiement © Pixabay the US Secretary to the Treasury warns against a default according to Janet Yellen, if the ceiling of the debt is not raised, the United States may be plunged into "a historical financial crisis".

The US Secretary to Treasury Janet Yellen vigorously pleaded on Sunday, September 19 for the Congress to report the debt ceiling at the risk of provoking "a historical financial crisis". In an editorial published in the Wall Street Journal, Janet Yellen recalls that "the United States has never failed." "It would probably precipitate a historical financial crisis (...). The fault could trigger a soaring interest rates, a sharp drop in stock prices and other financial disorders", writes Joe Biden's Minister of Finance.

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The ceiling of the debt, that only the Congress has the prerogative to raise, came into force on 1 August. It prohibits the United States from issuing new loans to finance if the current limit of $ 28,400 billion is not enhanced. This recovery is regularly the subject of political arms at Congress. Since the 1960s, the debt ceiling has been raised or suspended about 80 times.

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last week, Treasury services indicated that the United States would be short of money "During the month of October". Ms. Yellen described in his editorial a cascade of financial disasters if the US borrowing capacity, in order to honor his deadlines, was not found. In a few days, millions of Americans would be running cash (...). Nearly 50 million seniors would no longer receive their retirement check and soldiers would no longer be paid, "she writes." We go out of this crisis a durably weakened nation, "said the Treasury Secretary.

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Even if the United States has never been lacking - "Not once," says Yellen -, it reminds the episode of 2011 "who led America at the edge of the crisis". Under the Obama administration, the political stalemate at the Congress had led the Standard and Poor's rating agency to remove the "AAA" note with American debt, causing a shock wave in the markets. "Look more" to raise the debt capacity of the United States "is not tolerable," says Yellen. "In the last 17 months have tested the economic force of our country. We just get out of the crisis. Do not plunge into a situation, all preventable, "she concludes.

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