Boost US debt ceiling or risk possible recession, Yellen warns

Published by
New York Daily News

Treasury Secretary Janet Yellen called on Congress to increase the federal government’s debt limit by December, warning on Sunday that inaction could cause a recession. The Senate’s vote on Thursday extended the government’s borrowing authority into December — when another showdown between Democrats and Republicans is likely. If the debt ceiling isn’t raised again, the consequences would include missed Social Security payments, failure to pay troops and a potential blow to the country’s credit rating, Yellen said on ABC’s “This Week.” “There is an enormous amount at stake. A failure to raise t…

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