Yellen says U.S. could hit debt limit on Dec. 15, giving Congress more time to strike deal
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Janet Yellen is the U.S. Treasury secretary and spoke during an interview at Tuesday’s National Association of Business Economics annual meeting (NABE), in Arlington, Virginia. This was on Tuesday, September 28, 2021.
Amanda Andrade-Rhoades | Bloomberg | Getty Images
On Tuesday, Janet Yellen, Treasury Secretary to the United States of America, stated that her current estimate is that the U.S. would reach its debt limit Dec. 15th. This was almost two weeks after she had originally predicted.
The additional 12 days give Congress the opportunity to negotiate a solution to how to suspend or lift the debt ceiling. If Congress fails to act by the deadline, the U.S. would go into default.
Yellen said that she expected a default to lead to a global recession and threaten the U.S. Dollar’s position as the world’s reserve money.
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