Treasury Sec. Yellen Says ‘It’s Become Increasingly Damaging’ to Have a Debt Ceiling: Leads to ‘Politically Dangerous Conflicts’

Treasury Secretary Janet Yellen said Thursday night it’s become “increasingly damaging” for the United States to set a debt ceiling.

The Senate is expected to take up a vote to raise the debt ceiling until December, an agreement reached by Democratic and Republican leaders. Senate GOP Whip John Thune said they have the votes, but earlier Thursday night, former President Donald Trump attacked Mitch McConnell and said Republicans shouldn’t vote for “this terrible deal.”

Even Ted Cruz and Lindsey Graham harshly criticized McConnell for “folding.”

As of this posting the Senate is voting to advance the deal.

CNN’s Erin Burnett noted how Congress is going to have to do this all over again in December.

Yellen said she “breathed a sigh of relief” that the Senate was able to reach a deal before the October 18th deadline.

Burnett asked about potential consequences if the Senate doesn’t get it done.

“They need to get this done by the deadline that I set,” Yellen said.

This would be the first time in the country’s history that we would be unable to pay our bills. And it would be enormously damaging to the economy, to financial markets. I’ve said and continue to think it would be utterly catastrophic. It should be unthinkable.

She even remarked, “I think it’s become increasingly damaging to America to have a debt ceiling. It’s led to a series of politically dangerous conflicts that have caused Americans and global markets to question whether or not America’s serious about paying its bills. It’s flirting with a self-inflicted crisis.”

You can watch above, via CNN.