• Sat. Oct 16th, 2021

Janet Yellen says U.S. faces recession if Congress would not act

ByHanna

Oct 5, 2021

Janet Yellen, U.S. Treasury secretary, speaks throughout a Home Monetary Companies Committee listening to in Washington, D.C., U.S., on Thursday, Sept. 30, 2021.

Sarah Silbiger | Bloomberg | Getty Photos

Treasury Secretary Janet Yellen on Tuesday mentioned she believes the economic system would fall right into a recession if Congress fails to lift or droop the borrowing restrict earlier than an unprecedented default on the U.S. debt.

“I do regard Oct. 18 as a deadline. It could be catastrophic to not pay the federal government’s payments, for us to be ready the place we lacked the assets to pay the federal government’s payments,” Yellen mentioned throughout a “Squawk Field” interview.

“I totally anticipate it might trigger a recession as nicely,” she added.

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