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U.S. debt limit crisis must be resolved ‘immediately’ Treasury’s Yellen says By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – Treasury Secretary Janet Yellen attended the House Financial Services Committee hearing at Washington, U.S.A. on September 30, 2021. Al Drago/Pool via REUTERS/File photo

WASHINGTON, (Reuters) – U.S. Treasury secretary Janet Yellen stated that Congress must raise the nation’s debt limit “immediately” in order to prevent a financial crisis.

Yellen, speaking with President Joe Biden and bank CEOs at the White House warned that the Treasury will have “very little cash” which would quickly run out after October 18.

She said that Congress must immediately pay attention to this crisis. It must be solved immediately.

Yellen warned that the U.S. could face a severe financial crisis and possibly a recession if it does not.

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