US default on $31.46 trillion debt may lead to global crisis: Treasury chief
Hindustan TimesU.S. Treasury Secretary Janet Yellen on Thursday urged Congress to raise the $31.4 trillion federal debt limit and avert an unprecedented default that would trigger a global economic downturn and risk undermining U.S. global economic leadership. "It would also risk undermining U.S. global economic leadership and raise questions about our ability to defend our national security interests." Yellen said she would also work with her G7 counterparts to build greater economic resilience in the longer term by boosting domestic production of critical goods and helping developing countries expand their stake in global supply chains. Yellen said the work would build on the $600 billion in investments underway through the G7 Partnership for Global Infrastructure and Investment, which aims to mobilise private capital for infrastructure projects in developing countries.