Yellen warns U.S. House members of ‘economic collapse’ from default

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By David Lawder WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen urged members of the U.S. House of Representatives on Friday to raise the federal debt ceiling without conditions, warning that a default on U.S. debt would cause “economic and financial collapse.” Yellen, in budget testimony before the Republican-controlled House Ways and Means Committee, said that failure to increase the $31.4 trillion borrowing cap would threaten the economic progress that the U.S. has made since the COVID-19 pandemic. “In my assessment – and that of economists across the board – a default on our deb…

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