© Reuters. FILE PHOTO: Treasury Secretary Janet Yellen attends the House Financial Services Committee hearing in Washington, U.S., September 30, 2021. Al Drago/Pool via REUTERS/File Photo
WASHINGTON (Reuters) – 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.