If the country defaults, there will be problems for the global economy, said the US Finance Minister
US Treasury Secretary Janet Yellen warned that if the legal debt limit is not increased in the coming months, the country may face serious consequences. He said there is a risk that the US will default on its debt payments by the summer, which could lead to a financial crisis. He said that the situation is very worrying and it would be disastrous for the country to default. In an interview, he said that spending has to be reduced in line with tax revenue and if that happens, the government will not be able to keep the economy moving.