US Treasury Secretary Yellen Urges Congress to Raise Debt Limit

WASHINGTON (Sputnik) – US Treasury Secretary Janet Yellen in a statement on Monday urged Congress to increase or suspend the debt limit on a bipartisan basis.

Yellen warned Congress that failure to increase the debt limit would result in irreparable harm to the US economy and the lives of all Americans, the statement said.

The U.S. Treasury building is seen in Washington, September 29, 2008.

The secretary also noted that increasing or suspending the debt limit doesn’t automatically increase government spending but simply allows the US Treasury to pay for previously made expenditures.

The total public debt of the United States has reached nearly $28.5 trillion in July, according to the last statement published by the US Treasury.

In July, the bipartisan Congressional Budget Office said the US government will most likely run out of money between October and November unless the debt ceiling was raised.

Sourse: sputniknews.com