U.S. Treasury Secretary Janet Yellen spoke to reporters ahead of the G-7 finance ministers and central bank governors meetings in Niigata, Japan.
"The notion of defaulting on our debt is something that would so badly undermine the U.S. and global economy that I think it should be regarded by everyone as unthinkable," Janet Yellen said.
Janet Yellen, US Treasury secretary, during a news conference at the Group of Seven finance ministers and central bank governors meeting in Niigata, Japan, on Thursday, May 11, 2023.Treasury Secretary Janet Yellen said the idea of U.S. lawmakers letting the nation default on its debt should be "unthinkable."
When asked about steps the Biden administration could take in the wake of a default, Yellen emphasized that lawmakers must raise the debt ceiling.
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