US Treasury Secretary Warns of Global Financial Crisis due to "debt Cap in USA

US Treasury Secretary Janet Yellen warned of wide global repercussions if a solution to the US government's debt limit crisis is not reached.

According to CNN, Yellen warned of wide global effects that could occur if the federal government exhausted the extraordinary measures that had been taken and failed to raise the debt ceiling. For ordinary Americans dire repercussions.

Yellen's warning came after the United States on Thursday hit the borrowing limit, the debt cap set by Congress, at $31.4 trillion, forcing the Treasury Department to begin taking extraordinary measures so that the government can continue to pay its salaries.

She said in remarks from Senegal that, following the exhaustion of these measures, the United States could see a minimal reduction in its debt as a result of the failure of Congress to raise the debt ceiling. Yellen explained that the repercussions of the federal government's failure to provide payments could be wide, warning of a global financial crisis.