Treasury Secretary Janet Yellen was on ABC News’ Sunday broadcast “This Week with George Stephanopoulos,” where she dialed up the urgency for Congress to vote on raising the debt ceiling. If that is not done, she said, the U.S. will experience a “steep economic downturn.” Reiterating a message she had sent earlier in the week, Yellen said “our current projection is that in early June, a day will come when we’re unable to pay our bills unless Congress raises the debt ceiling, and it’s something I strongly urge Congress to do.” She continued that if Congress fails to do so, “financial and economic chaos will ensue.”
“We will have an economic and financial catastrophe that will be of our own making and there is no action that President Biden and the U.S. Treasury can take to prevent that catastrophe,” Yellen said.
