Yellen warns delay in raising debt ceiling will slow economy
WASHINGTON (AP) – Treasury Secretary Janet Yellen on Tuesday made an urgent appeal to Congress to increase the government’s borrowing limit, a day after Senate Republicans blocked consideration of a bill that would have done so.
If the debt limit is not raised by Oct. 18, Yellen warned, “America’s full confidence and credit would be jeopardized, and our country would likely face a financial crisis and recession. economic”. Yellen testified before the Senate Banking Committee in a hearing to brief Congress on the impact of the broad financial support programs the government adopted during the pandemic.