Yellen says U.S. economy hangs in the balance as debt ceiling looms


Treasury Secretary Janet Yellen on Tuesday issued a fresh warning about consequences if Congress fails to raise the U.S. debt ceiling, saying “the U.S. economy hangs in the balance” if lawmakers don’t act. “The livelihoods of millions of Americans do, too,” she said in remarks prepared for delivery to an Independent Community Bankers of America summit. Yellen’s remarks come as President Joe Biden, House Speaker Kevin McCarthy and other congressional leaders are due to meet on the debt ceiling at 3 p.m. Eastern at the White House. Yellen in her remarks repeated that she has told Congress that she estimates Treasury likely won’t be able to satisfy all of the government’s obligations if lawmakers don’t address the debt limit by early June, and potentially as early as June 1.

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