Treasury Secretary Janet Yellen is sounding the alarm about the damage a government shutdown could do to the U.S. economy. 'It's really reckless and will impose immediate harm,' Yellen told NPR.
Treasury Secretary Janet Yellen speaks at an event on the one-year launch of the Pandemic Fund, in New York City on Sept. 19.Bryan R. Smith/AFP via Getty Images
A big fear is a government shutdown could tip the U.S. economy into a recession."I don't want to predict that," Yellen said."But I think it's a risk factor.", Fed Chair Jerome Powell said a potential shutdown was on"a long list" of headwinds facing the U.S. economy. In an exclusive interview with NPR, Yellen emphasized a government shutdown could have an effect on the level of confidence businesses and consumers have in the economy."If it seems like we're suffering from political paralysis — and this inability to keep the government open seems to be a symptom of that — there could be a psychological toll that it takes," she said.
"The problem is a very small, extreme group of Republicans that are holding a continuing resolution hostage in the House," she said."I haven't seen something like that before, that such a small group of people could inflict such damage on the American people and the American economy."
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