U.S. Treasury Secretary Yellen: America Can Financially Support Two Wars
In the midst of rising debt and the possibility of a mid-November government shutdown, U.S. Treasury Secretary Janet Yellen assured the public that the United States is capable of financially supporting two wars. President Joe Biden recently ratified a bill to avoid a government shutdown, but if there is no bipartisan agreement on spending, another shutdown could occur by mid-November. In an interview with Sky News, Yellen discussed the conflicts in Ukraine and Israel.
Yellen acknowledged the recent turmoil in the Middle East and the impact it has had on energy prices. However, she expressed confidence in the U.S.’s ability to fund both wars. She emphasized that providing support to Israel and Ukraine is a priority, but it is up to the House to pass legislation and allocate funds for these purposes.
“America can certainly afford to stand with Israel and support its military needs, and we must also support Ukraine in its struggle against Russia,”
This statement aligns with Yellen’s previous remarks on the importance of bolstering Ukraine for global economic stability. When asked about deterring Iran from intervening, Yellen declined to provide specific details but mentioned ongoing diplomatic conversations.
The national debt has been steadily increasing over the past decade, and with rising interest rates and inflation, interest expenses are growing as well. As of October 16, 2023, the U.S. debt stands at $33.56 trillion according to usdebtclock.org. Yellen’s interview took place before her meeting with finance leaders in Luxembourg.
Hot Take: U.S.’s Financial Capability Amid Mounting Debt
Treasury Secretary Janet Yellen’s assurance that the United States can financially support two wars comes at a time when the nation is grappling with a significant amount of debt. The U.S. debt has reached an alarming $33.56 trillion, and interest expenses are on the rise. However, Yellen remains confident in the country’s ability to fund conflicts in Ukraine and Israel.
While Yellen’s statement may provide reassurance to some, others may question the sustainability of such financial commitments given the mounting debt and potential economic consequences. As the U.S. faces ongoing challenges, it remains to be seen how these conflicts will be funded without exacerbating the nation’s already substantial debt burden.
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