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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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NewsNation

'Catastrophic': Yellen says urgent action is 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 debt limit. She rejected the idea of minting a $1 trillion coin to avoid a default.Appearing on CNBC Yellen said that if a default were to occur “I fully expect it would cause a recession as well” along with prev…

3 years ago·Chicago, United States

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KTAR.com

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

3 years ago

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Firstpost News

Janet Yellen says urgent action needed on debt limit, rejects idea of minting $1 trillion coin

The US treasury secretary said it would be “catastrophic” if the government did not have the resources to pay its bills

3 years ago·Mumbai, India

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Business Insider

Treasury Secretary Janet Yellen trashes minting a $1 trillion coin as solution to debt ceiling crisis as US inches toward default

It's a legal solution that's gained some momentum to prevent a US default, but Yellen called it a "gimmick."

3 years ago·United States

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OAN

Treasury Secy. Yellen warns of recession if Congress doesn’t raise debt ceiling

Treasury Secretary Janet Yellen said "it would be catastrophic to not pay the government's bills" while warning of the potential impact of not raising the debt ceiling. In an interview Tuesday, she said she would fully expect a recession if Congress fails to raise the debt limit.

3 years ago·San Diego, United States

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The Hill

Yellen warns default on national debt would cause recession

Treasury Secretary Janet Yellen warned Tuesday that the U.S. would likely fall into another recession if Congress is unable to raise the federal borrowing limit before Oct. 18.

3 years ago·Washington, United States

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