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The mere threat of a default was enough to see the US’s credit rating downgraded in 2021. The consequences of a default actually happening could be dire, an economist warns.
US Treasury Secretary Janet Yellen has said there is only one way out of the fiscal crisis created by the US hitting its debt ceiling: to raise the ceiling before the country defaults on its debts.
Treasury Secretary Yellen announced the US will hit its $31 trillion debt ceiling on Jan. 19. Economists and markets are worried Congress won’t act in time, which could trigger a financial crisis.