Janet Yellen warns shutdown would be ‘dangerous and unnecessary'
Treasury Secretary Janet Yellen will warn Congress in a speech later Friday morning that a government shutdown would be 'dangerous and unnecessary' because it would undermine the American economy and disrupt key government functions.
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Treasury Secretary Janet Yellen is scheduled to address Congress later on Friday morning. She will say that a shutdown of the government would be a 'dangerous, unnecessary event' as it would disrupt important government functions and undermine the American economy.
The comments were shared with CNN first and are the strongest warning yet from Yellen regarding the potential negative effects of a shutdown, which is becoming more likely.
In remarks prepared to be delivered at a speech in Savannah (Georgia), Yellen urges House Republicans to do their job' by acting quickly to keep government open and funding key priorities.
Yellen stated that a failure by the House Republicans to act responsibly could hurt American families, and create economic headwinds which could undermine our progress. A shutdown would affect many important government functions, from lending to small businesses and farmers to food safety and workplace inspections to Head Start programs.
Yellen said that a shutdown would delay major infrastructure projects aimed to improve the lives of Americans and modernize the economy.
Congress is very likely to shut down the government this weekend if lawmakers do not reach a last-minute deal. CNN reported that House Speaker Kevin McCarthy did not have the votes needed to pass a stopgap measure to extend funding for government beyond Saturday.
Yellen stated that 'when I left Washington this morning it was unclear whether Congress would pass a bill in time to prevent a dangerous and unnecessarily shutdown'.
Yellen will use her speech at the Port of Savannah in order to highlight the economic benefits of Bipartisan Infrastructure law, highlighting investments aimed to improve Georgia's transportation system, high-speed Internet, clean drinking water, and energy.
The speech will also attempt to contrast the long-term investment from a bill signed by President Joe Biden, with the negative effects of a shutdown of government that Democrats will blame Republicans for.