Ahead of White House Meeting With Congressional Leaders, Yellen Warns of Economic ‘Calamity’ if Debt Ceiling Breached

Ms. Yellen’s comments added even more urgency to a high-stakes meeting Tuesday between Mr. Biden and congressional leaders from both parties.

AP/Themba Hadebe
Treasury Secretary Yellen at the Ford Assembling Plant at Pretoria, South Africa, January 26, 2023. AP/Themba Hadebe

Treasury Secretary 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 Biden bypassing lawmakers and acting on his own to try to avert a federal default.

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