My Finance Minister Urged The National Assembly To Raise The Ceiling Of Public Debt

US Finance Minister Janet Yellen on September 19 warned the world's economy to reverse the recession if Congress did not quickly increase the federal debt ceiling. Janet Yellen spoke at a Bales in Delaware, USA. Material: AFP / TTXVN In a category of Wall Street Journal, Yellen said the US Congress has raised or suspended the application of public debt ceiling for about 80 times since 1960 and currently this legislative author needs Must do this again. If not, in October, the cash balance of the Ministry of Finance will fall to a low level, not enough for the federal government to cover the costs. According to Ms

. Yellen, it is difficult to accurately predict the time of this risk and if Congress cannot raise the ceiling of public debt, "economic disaster" will spread. Accordingly, in the next few days, millions of American people can fall into the scene of lack of cash and the government may slow down important items, in which soldiers may not be paid in the most time The US Finance Minister also warned that the world's No. 1 economic power fell into the situation of default, which could lead to the historical financial crisis, making interest rates soared, the stock price fell sharply with these Other financial instability
The recovering economy is now able to switch to recession, leading millions of jobs and billions of dollars lost, especially America can become "a weaker country". Therefore, Ms. Yellen said Congress could not be delayed in increasing the debt ceiling. In the letter sent to American MPs on September 15, Business Roundtable - A association consisting of more than 200 executives of goods companies America's head, also warned the US National Assembly on the risk of economic crisis without rapidly increasing the ceiling of public debt. It was part of the bisexual budget agreement, issued in August 2019, the US Congress suspended the application of public debt ceiling to the end of July 31. After the debt ceiling is restored on August 1, the US Department of Finance has to apply "unusual measures" to continue to grant a temporary budget to the Government. The debt ceiling is the total amount that the US government is allowed to borrow to meet the existing legal obligations, including social security and medical welfare, and many other amounts. Learn Ha (VNA)

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