Congress Has Two Weeks to Fix Debt Ceiling or US Will Go Into a Recession



Treasury Secretary Janet Yellen issued another stark warning on Tuesday, saying the U.S. economy would go into a recession if Congress doesn’t do something about the debt ceiling within the next two weeks and help the government avoid defaulting on its debts.

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For now, the U.S. Treasury Department is using “extraordinary measures” to pay bills, CNBC reported, and has been since hitting the last debt ceiling in late July. But that strategy will only work for so long, and Yellen has warned that the government will no longer be able to pay its bills on or about Oct. 18.

“I do regard Oct. 18 as a deadline,” Yellen told CNBC. “It would be catastrophic to not pay the government’s bills, for us to be in a position where we…

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