Make Kitco Your Homepage

Failure to deal with debt limit would 'eviscerate' U.S. economic recovery- Yellen

Kitco News

WASHINGTON, Nov 29 (Reuters) - U.S. Treasury Secretary Janet Yellen urged Congress to raise the U.S. debt limit or risk undermining what she described as the U.S. economy's "quite remarkable" recovery from the COVID-19 pandemic.

Yellen, in remarks prepared for a Senate Banking Committee hearing on Tuesday, said she was confident "at this point" that U.S. economic growth remained strong, but said failure to deal with the debt limit would "eviscerate" the recovery.

She also called on Congress to pass President Joe Biden's $1.75 trillion social and climate spending bill, saying it would end the "childcare crisis" and let parents return to work.

Reporting by Andrea Shalal and Dan Burns Editing by Sonya Hepinstall
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.