The U.S. government will run out of cash between July and September — or even sooner — unless Congress raises the nation's debt ceiling, the Congressional Budget Office projected.
Speaking to a National Association of Counties conference, Yellen said a federal default would cost jobs and boost the cost of mortgages and other loans.
"On top of that, it is unlikely that the federal government would be able to issue payments to millions of Americans, including our military families and seniors who rely on Social Security," she added."Congress must vote to raise or suspend the debt limit," Yellen said."It should do so without conditions. And it should not wait until the last minute. I believe it is a basic responsibility of our nation's leaders to get this done.
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