U.S. Treasury Secretary Janet Yellen speaks during a meeting at the White House, in Washington, on Oct. 6.NICHOLAS KAMM/AFP/Getty Images
U.S. Treasury Secretary Janet Yellen said the country’s debt limit needs to be raised by Congress “immediately” to avoid a financial crisis.
Speaking with bank CEOs and President Joe Biden at the White House, Yellen warned the Treasury would have “very limited cash” that would be quickly depleted after Oct. 18.
Congress needs to pay immediate attention to the crisis, she said. “It must be resolved immediately.”
If not, Yellen said, the U.S. would face a financial crisis and likely a recession, she said.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.