Janet Yellen: “I would plead with Congress simply to protect the full faith and credit of the United States by acting to raise or…”

I will never forget it. I was involved in it, and we did everything we could to put together a package of measures that would stop what could have become a run on the banking system.

I would expect inflation, on a year-over-year basis of this year, to shoot up to at least 3%, or slightly over, because of the tariffs.

But what caused our cash balances to run to exceptionally low levels in the past was the failure of Congress to raise the debt limit.

We need to enact policies to make sure that the debt stays sustainable and we are on a fiscally sustainable path.