Deputy Treasury Secretary Wally Adeyemo warned that not raising the debt ceiling would affect international confidence in the U.S. economy.
WASHINGTON — A failure by Congress to raise the U.S. debt ceiling could spark a "manufactured" crisis that derails economic progress, Deputy Treasury Secretary Wally Adeyemo said Friday.
Adeyemo, who has been meeting with world financial leaders in Washington this week during the International Monetary Fund's spring meetings, said continued delays in hiking the $31.4 trillion debt limit threaten international confidence in the U.S. economy. "It's critical that Congress lift the debt limit," the top Treasury official told CNBC's "Squawk on the Street" on Friday. "The last thing we need is a manufactured crisis in our country."
Pushing off a bill to avoid debt default "will take away from that confidence that the world is showing" the U.S. and "would slow down the momentum that we had," Adeyemo said. Economist Adewale "Wally" Adeyemo answers questions during his Senate Finance Committee nomination hearing to be Deputy Secretary of the Treasury in the Dirksen Senate Office Building, in Washington, D.C., February 23, 2021.that the government could default on its debt between July and September. The U.S. hit its borrowing limit earlier this year, forcing the Treasury to take so-called extraordinary measures to keep paying its bills. A first-ever U.S.
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