US Debt Limit Crisis Must Be Resolved ‘Immediately’ Treasury’s Yellen Says

Treasury Secretary Janet Yellen attends the House Financial Services Committee hearing in Washington on Sept. 30, 2021. Al Drago/Pool via REUTERS

WASHINGTON—U.S. Treasury Secretary Janet Yellen said the country’s debt limit needs to be raised by Congress “immediately” to avoid a financial crisis.

Speaking with bank CEOs and President Joe Biden at the White House, Yellen warned the Treasury would have “very limited cash” that would be quickly depleted after Oct. 18.