Loading ...Powell warns on debt
[Let’s see-the U.S. has too much debt…then higher. rates would make it worse…chance of default…no way to reduce it…means weaker dollar…sounds like gold would be the perfect safe haven…so why is gold $23. off its high and the $ now green—although not by much…recovery later? If the bulls put their money where there mouth is-where are you Paul Tudor?]
[P.S.—Congress and Wall just discovered today that debt. was a problem?? They needed Powell to surprise them with the bad news??]
Federal Reserve Chairman Jerome Powell said Thursday that the global economy could suffer “unthinkable” damage if the White House and Congress fail to raise the federal debt limit.
Testifying before the Senate Banking Committee, the Fed chairman said it was “essential” for Congress to raise the legal limit on the federal debt before the U.S. government defaults on its loans.
If Congress and the White House cannot reach a deal to raise the debt ceiling by the end of the month, the government may have mere days to prevent a catastrophic default when lawmakers return to Washington in September.