UPDATED 1:50 PM PT – Monday, August 9, 2021
Treasury Secretary Janet Yellen has urged Congress to raise the debt limit once again. In a statement issued on Monday, Yellen pointed out the debt limit had been raised on a bipartisan basis in previous years.
While waiting for the limit to be raised again, Yellen said the Treasury Department has taken extraordinary measures to prevent a default on debt. She added failure to act would cause irreparable harm to the U.S. economy as well as the livelihoods of all Americans.
Treasury Secretary Janet Yellen is calling on Congress to increase or suspend the debt limit on a bipartisan basis pic.twitter.com/Qo89Fg0dYO
— Stephanie Myers (@_StephanieMyers) August 9, 2021
Meanwhile, Senate Minority Leader Mitch McConnell (R-Ky.) vows Republicans will not support any proposal to raise the debt limit.