Yellen warns of 'catastrophe' if debt limit not raised

Biden, Yellen warn of ‘catastrophe’ if debt limit not raised

The concern over the debt ceiling is the result of a political showdown between House Republicans, who are demanding spending cuts, and the Democratic president.

Biden, Yellen warn of ‘catastrophe’ if debt limit not raised

The Treasury Secretary said auto loans, mortgage and credit card payments will rise if the nation defaults.

Biden, Yellen warn of 'catastrophe' if debt limit not raised

WASHINGTON — President Joe Biden and Treasury Secretary Janet Yellen warned Tuesday of a potential economic crisis if a deal isn't reached to increase the federal debt ceiling.

Biden, Yellen warn of ‘catastrophe’ if debt limit not raised

WASHINGTON — President Joe Biden and Treasury Secretary Janet Yellen warned Tuesday of a potential economic crisis if a deal isn’t reached to increase the federal debt ceiling.

Biden, Yellen warn of ‘catastrophe’ if debt limit not raised

By FATIMA HUSSEIN and CHRIS MEGERIAN (Associated Press) WASHINGTON (AP) — President Joe Biden and Treasury Secretary Janet Yellen warned Tuesday of a potential economic crisis if a deal isn’t reached to increase the federal debt ceiling. They raised the alarm during speeches to the National Association of Counties, which was holding a conference in Washington. Biden said many local governments have recovered from the pandemic, but “some in Cong…

Yellen warns of ‘catastrophe’ if debt limit not raised

“Household payments on mortgages, auto loans, and credit cards would rise, and American businesses would see credit markets deteriorate,” she said