US Debt Limit Crisis Must Be Resolved ‘Immediately’ Treasury’s Yellen Says

US Debt Limit Crisis Must Be Resolved ‘Immediately’ Treasury’s Yellen Says
Treasury Secretary Janet Yellen attends the House Financial Services Committee hearing in Washington on Sept. 30, 2021. Al Drago/Pool via REUTERS
Reuters
Updated:

WASHINGTON—U.S. Treasury Secretary Janet Yellen said the country’s debt limit needs to be raised by Congress “immediately” to avoid a financial crisis.

Speaking with bank CEOs and President Joe Biden at the White House, Yellen warned the Treasury would have “very limited cash” that would be quickly depleted after Oct. 18.

Congress needs to pay immediate attention to the crisis, she said. “It must be resolved immediately.”

If not, Yellen said, the U.S. would face a financial crisis and likely a recession, she said.