Published 3 years ago

Yellen: Urgent action needed on debt limit, rejects $1T coin

Summary by Ground News

Janet Yellen says Oct. 18 remains the date she is likely to run out of resources. She rejected the idea of minting a $1 trillion coin to avoid a default. She said it would be "catastrophic" if the government did not have the resources to pay its bills.

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Yahoo News

"It would be catastrophic": Yellen warns debt ceiling breach could trigger recession

Treasury Secretary Janet Yellen told CNBC on Tuesday that the U.S. could face a recession if Congress fails to raise the debt ceiling by Oct. 18.Driving the news: President Biden on Monday urged Republicans to "get out of the way" and let "Democrats vote to raise the debt ceiling this week."Get market news worthy of your time with Axios Markets. Subscribe for free.Republicans, led by Senate Minority Leader Mitch McConnell, have said they will no…

3 years ago·Los Angeles, United States

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The Independent

Yellen: Urgent action needed on debt limit, rejects $1T coin

U.S. Treasury Secretary Janet Yellen said Oct. 18 remains the date she is likely to run out of resources to stave off an unprecedented default on the nation’s debt without congressional action to raise the debt limit

3 years ago·London, United Kingdom

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Reuters

Yellen says debt ceiling hike 'utterly essential', opposes platinum coin 'gimmick'

U.S. Treasury Secretary Janet Yellen on Tuesday said it was "utterly essential" for Congress to lift the federal debt limit ahead of an Oct. 18 deadline to avoid U.S. default, but added that she opposes using a loophole in U.S. currency law to resolve the crisis.

3 years ago·United Kingdom

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Associated Press News

Yellen: Urgent action needed on debt limit, rejects $1T coin

WASHINGTON (AP) — U.S. Treasury Secretary Janet Yellen said Tuesday that Oct. 18 remains the date she is likely to run out of resources to stave off an unprecedented default on the nation's debt without congressional action to raise the…

3 years ago·United States

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Hindustan Times

US treasury secy Yellen says US debt default could trigger recession: Report

Janet Yellen has warned previously that after October 18, the United States will not have the funds to meet its obligations to creditors if Congress does not relax the legal debt ceiling.

3 years ago·New Delhi, India

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CNBC

U.S. faces a recession if Congress doesn't address the debt limit within 2 weeks, Yellen says

Treasury Secretary Janet Yellen believes the economy would fall into a recession if Congress fails to raise the debt ceiling before an default on the U.S. debt.

3 years ago·United States

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