Yellen: "Raising the Debt Ceiling More Concerning Than Omicron"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Janet Yellen, U.S. Treasury Secretary, evaluated that despite the Omicron COVID-19 variant, the U.S. economy is experiencing a strong recovery. Secretary Yellen urged Congress to promptly raise the debt ceiling to resolve uncertainties in the U.S. economy.

Secretary Yellen made these claims in her opening statement at the Senate Banking Committee hearing on the 29th (local time).

Yellen cited the example of 531,000 jobs added in October, arguing that there is increasing evidence presenting a clear conclusion that the economic recovery is on track.

She especially mentioned that while waiting for information on the Omicron variant, there is protection in the form of vaccines, stating, "At this point, I am confident that our economic recovery remains strong and very noteworthy."

Secretary Yellen then urged Congress to finalize the increase in the debt ceiling. Earlier, the U.S. Congress passed a bill to raise the federal government's debt ceiling by $480 billion (approximately 571 trillion won) by early December to prevent an unprecedented U.S. national default.

Yellen had already warned that if Congress fails to agree on raising the debt ceiling, the U.S. could face a default situation after December 15.

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