Home / Economy / Janet Yellen warns US debt default could trigger recession
Listen to this article

US Treasury Secretary Janet Yellen warned Tuesday that a US debt default could trigger another recession, as an October 18 deadline approaches. Yellen said it was "utterly essential" for Congress to lift the federal debt limit ahead of the October 18 deadline.

"I totally expect it would cause a recession," the US Treasury Secretary said on CNBC, referring to what would be an unprecedented US default as lawmakers fight over raising the debt ceiling.

Asked if she would back a process called "reconciliation" for getting the limit increased without any Republican support, Yellen said: "I support getting it done."

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout