Yellen describes "economic catastrophe" that will result if debt limit isn't raised
CBSN
Treasury Secretary Janet Yellen warned Tuesday of a potential "economic catastrophe" if Congress and the White House fail to take action to raise the federal debt ceiling.
"In the longer term, a default would raise the cost of borrowing into perpetuity. Future investments, including public investments, would become substantially more costly," Yellen told a crowd of local government officials during an otherwise optimistic speech to a gathering of the National Association of Counties.
"Household payments on mortgages, auto loans, and credit cards would rise, and American businesses would see credit markets deteriorate," she said. "On top of that, it is unlikely that the federal government would be able to issue payments to millions of Americans, including our military families and seniors who rely on Social Security."
President Joe Biden and first lady Jill Biden were honored at a state dinner in Paris at the Presidential Elysee Palace on Saturday, hosted by French President Emmanuel Macron and first lady Brigitte Macron marking the 80th anniversary of D-Day two days prior and the strength of the countries' long alliance.
President Joe Biden said France was America's "first friend" at its founding and is one of its closest allies more than two centuries later as he was honored with a state visit Saturday by French President Emmanuel Macron aimed at showing off their partnership on global security issues and easing past trade tensions.
The Consumer Federal Protection Bureau last week launched an inquiry into what the agency is calling "junk fees in mortgage closing costs." These additional fees, involving home appraisal, title insurance and other services, have spiked in recent years and can add thousands of dollars to the final cost of buying a home.
Retired Maj. Gen. William Anders, the former Apollo 8 astronaut who took the iconic "Earthrise" photo showing the planet as a shadowed blue marble from space in 1968, was killed Friday when the plane he was piloting alone plummeted into the waters off the San Juan Islands in Washington state. He was 90.