US Treasury Sec. Yellen warns of a global downturn on US default

US Treasury Secretary Janet Yellen once again warned that the “US default would threaten US recovery, sparking a global downturn that would set us back much further.”

Additional quotes

US Congress should raise debt ceiling, warns US default would produce 'economic and financial catastrophe'.

Default would risk undermining US global economic leadership, raise questions about its ability to defend national security interests.

Markets are seeing possibility of US debt limit breach as growing downside risk.

Short of default, brinksmanship over debt limit could impose 'serious economic costs', already seeing spikes in interest rates.

Despite downside risks, global economy remains in better place than predicted six months ago, inflation down in most G7 countries.

US Will coordinate efforts with G7 to push for timely, comprehensive debt treatments for countries in debt distress.

Will work with G7 counterparts to increase economic resilience, boost economic security and build reliable critical supply chains.

G7 will discuss ways to partner with developing countries to move away from solely extractive industries into higher-value work.

US Will work with G7 to effectively counter 'economic coercion', mitigate geostrategic risks in our economies.