/Treasury Secretary: Another Recession is Coming if the U.S. Does This
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Treasury Secretary: Another Recession is Coming if the U.S. Does This

Treasury Secretary Janet Yellen in a Tuesday interview refused to explicitly oppose raising the debt ceiling through budget reconciliation, partially contradicting Senate Majority Leader Chuck Schumer’s stance as she warned of a recession if the U.S. defaults.

Congress has until Oct. 18 to raise the debt ceiling. That is when Yellen says the Treasury Department’s “extraordinary measures” to pay the government’s bills despite the expiration of a debt ceiling suspension in July will run out.

The treasury secretary said in a CNBC interview Tuesday that failure to do so would be disastrous.

“It would be catastrophic to not pay the government’s bills for us to be in a position where we lack the resources to pay the government’s bills,” Yellen said on CNBC.

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