FX.co ★ Yellen urges Congress to raise debt ceiling

According to US Treasury Secretary Janet Yellen, a possible refusal of lawmakers to raise the US debt ceiling will harm the country's financial system.

The Treasury Secretary believes that Congress' disapproval of another increase in the debt ceiling will pose a "huge threat” to America’s credit rating.

“I think it’s irresponsible not to raise the debt ceiling”, Yellen said. The politician focused on America's economic history and stressed that the US debt ceiling "has always been raised”. Currently, she sees no reason for changing the status quo. “It would be a huge threat to the country not to do it, and completely irresponsible to threaten the credit ranking of America and the functioning of the single most important financial market”, the Treasury Secretary believed.

Earlier, the US Treasury Department announced that the country's national debt exceeded $31 trillion for the first time in history. Currently, investors are major holders of US debt obligations. Their share is more than $24 trillion, while the share of foreign governments totals $7 trillion.