Failure to raise the government debt ceiling threatens the United States with default and catastrophic consequences for the economy. This was stated by the country’s finance minister Yellen.

The public debt ceiling is still frozen until July 31. If problems arise with its increase, the Treasury will be forced to take “emergency measures” to prevent default, Yellen warned.

“I believe this will exacerbate the financial crisis, jeopardize the jobs and savings of Americans, and this is at the time when we are still recovering from the pandemic,” she said, referring to the national debt default. The minister urged Congress to take action to raise the debt ceiling as soon as possible.