Yellen, McCarthy, and Experts Warn of Devastating Economic Consequences If GOP Plan to Avert Default on Government Debt is Not Heeded

Treasury Secretary Janet Yellen has ruled out the Republican plan to avert default on government debt, as the US government is rapidly approaching its debt ceiling. House Minority Leader Kevin McCarthy has tried to find a way out of the box he and his party have put themselves in by failing to raise the debt ceiling, but Yellen has made it clear that the GOP plan is not an option.

Experts are warning that if the US defaults on its debt, it could have catastrophic consequences for the economy. In an opinion piece in The New York Times, it is argued that the only way to avoid a disaster is to call the Republican bluff and raise the debt ceiling.

Meanwhile, INFORUM columnist Don Port has pointed out that Republicans are trying to make it seem like they care about the national debt, but their actions suggest otherwise.

As the debt ceiling deadline approaches, it remains to be seen what the US government will do to avert a potential disaster.

Always Full Coverage on USNN.