Yellen: 'No good options' if Congress fails to act on debt
Treasury Secretary Janet Yellen says there are “no good options” for the United States to avoid an economic “calamity” if Congress fails to raise the nation’s $31 trillion-plus borrowing limit in the coming weeks
By ZEKE MILLER
Published - May 07, 2023, 11:21 AM ET
Last Updated - Jun 21, 2023, 10:11 PM EDT
WASHINGTON (AP) — Treasury Secretary Janet Yellen said Sunday that there are “no good options” for the United States to avoid an economic “calamity” if Congress fails to raise the nation's borrowing limit of $31.381 trillion in the coming weeks. She did not rule out President Joe Biden bypassing lawmakers and acting on his own to try to avert a first-ever federal default.
Yellen, interviewed on ABC's “This Week," painted a dire picture of what might happen if the borrowing limit is not increased before the Treasury Department runs out of what it calls “extraordinary measures” to operate under the current cap. That time, she said, is expected to come in early June, perhaps as soon as June 1.
