Yellen: 'No good options' if Congress fails to act on debt
Treasury Secretary Janet Yellen says there are “no good options” for the United States to avoid an economic “calamity” if Congress fails to raise the nation’s $31 trillion-plus borrowing limit in the coming weeks WASHINGTON -- Treasury Secretary Janet 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 Joe Biden bypassing lawmakers and acting on his own to try to avert a first-ever federal default. Her comments added even more urgency to a high-stakes meeting Tuesday between Biden and congressional leaders from both parties. Democrats and Republicans are at loggerheads over whether the debt limit should even be the subject of negotiation. GOP lawmakers, led by House Speaker Kevin McCarthy of California, are demanding spending cuts in return for raising the borrowing limit, while Biden has said the thr...