Yellen said she is “nervous” about the U.S. defaulting on its debt and cautioned that Americans likely will face a scary and spiraling recession if Congress doesn’t raise the debt ceiling this summer.
Secretary Yellen during a meeting with the President of Zambia Hakainde Hichilema in Washington, DC. Photo: Kevin Dietsch/Getty Images
It's also the unvarnished prediction of a former Fed chair who had a ringside seat to the 2011 debt ceiling showdown, when credit agencies downgraded U.S. debt for the first time in American history."Of course, it makes me nervous," Yellen told Axios from Johannesburg, South Africa, at the end of a 10-day trip across the continent. “It would be devastating. It's a catastrophe.”
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