U.S. Treasury Sec. Janet Yellen warned of a recession unless Congress raises the federal debt limit. Testifying before a Senate committee, Yellen said it was critical that lawmakers address the federal debt ceiling. Parts of the government could be unable to meet financial obligations after Dec. 15 if the standoff isn’t resolved, though she suggested there were scenarios where some programs could be funded beyond that date. If America doesn’t pay its bills, Yellen said “we will eviscerate our current recovery.” In a matter of days, she added, payments, such as Social Security checks and military paychecks, would not reach bank accounts “and that would likely be followed by a deep recession.”


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