Treasury Secretary Janet Yellen repeated an urgent request for Congress to raise the debt ceiling Tuesday, warning about the potentially devastating consequences of the U.S. defaulting on its debt.
Yellen warned that the U.S. would default on its debt shortly after Oct. 18 if Congress hasn’t acted by then, in a letter sent to top Democratic and Republican lawmakers. Defaulting could wreak havoc on the economy as it continues to slowly recover from the coronavirus pandemic-induced recession, Yellen said.
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