Not Lifting Debt Limit Would Lead to ‘Financial Catastrophe’

Treasury Secretary Janet Yellen said the U.S. government risks “economic and financial catastrophe” if the House fails to pass a bill to raise the $31.4 trillion debt ceiling, CNBC reports.

Meanwhile, Reuters reports President Biden will insist in his State of the Union address that raising the debt limit of the United States is not negotiable and should not be used as “bargaining chip” by lawmakers.

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