On the recordSeptember 27, 2021
failing to increase the debt limit would have catastrophic economic consequences.
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congress.govfailing to increase the debt limit would have catastrophic economic consequences.
Yellen warns of severe economic fallout from not raising the debt ceiling.
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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.
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President Biden has made absolutely clear that he opposes increasing taxes on people earning less than $400,000.