Treasury Secretary Janet Yellen said Tuesday that if Congress doesn’t raise the debt ceiling by the deadline it would be a “calamity.”
Testifying before the Senate Committee on Banking, Housing and Urban Affairs alongside Federal Reserve Chairman Jerome Powell, Yellen said the U.S. could hit its debt limit in less than three weeks, as early as Oct. 18.
“This would be a manufactured crisis we had imposed on this country, which has been going through a very difficult period and is on the road to recovery,” she said. “This would be a self-inflicted wound of enormous proportions.”
