US facing recession if Congress doesn’t address debt limit within two weeks, Treasury Sec. warns
10/5/2021- 6:35 p.m.
TICKING TIME BOMB — US facing recession if Congress doesn’t address debt limit within TWO WEEKS, Treasury Sec. warns
“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,” Treasury Secretary Janet Yellen said during a CNBC interview.
Yellen has warned that the US will no longer be able to honor its debts by around October 18, which now stand at well over $28 trillion.
Economists warn that the US defaulting on its debts may spark a global economic crisis – with the contagion of US insolvency quickly spreading to countries that hold large quantities of US Treasuries.
