‘Catastrophic’: Treasury Secretary Sounds Alarm on Economic Recession if Congress Fails to Raise Debt Ceiling

Treasury Secretary Janet Yellen on Tuesday predicted an impending recession if Congress failed to raise the debt ceiling.

“I do regard Oct. 18 as a deadline,” Yellen said in an interview with CNBC’s Squawk Box. It would be catastrophic to not pay the government’s bills, for us to be in a position where we lacked the resources to pay the government’s bills. I fully expect it would cause a recession as well.”

Yellen has been using emergency
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