Economics
Yellen Warns of Financial System Risk If Debt Ceiling Not Raised
- Group of top financial watchdogs met on big-ticket threats
- FSOC also discussed risks from commercial real estate market
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Treasury Secretary Janet Yellen told U.S. financial regulators Thursday that if Congress fails to address the nation’s debt ceiling, there may be “financial stability implications.”
The fallout from not raising the limit in a “timely manner” was among topics raised at a private meeting of the Financial Stability Oversight Council, the Treasury Department said in a statement. Yellen has campaigned for congressional action and has warned that the Treasury would probably reach the borrowing limit sometime next month.