The deadline gives Congress a few more days to raise the debt ceiling. Failure risks "a financial crisis and economic recession," according to Yellen.

If China's economy slows more than expected, "it certainly could have consequences for many countries that are linked to China through trade," said Treasury Secretary Janet Yellen.

Traders dumped short-dated bonds and bought long-term US debt through October. They're basically saying inflation will stay at decade-high levels.

Mitch McConnell is digging in against helping Democrats lift the debt limit, and Yellen says she doesn't want to risk a devastating default.

The deal would represent a major victory for President Biden and Secretary Yellen, who have championed an international floor on corporate taxes.

Price growth picked up in September, raising concerns that inflation will spiral out of control. Such fears are overblown, Yellen said in a Sunday CNN interview.

Hiring is slow, the labor shortage rages on, and Americans are quitting at a record pace, but Yellen expects unemployment to keep dropping.

The Treasury Secretary said the government will use "extraordinary measures" to stay funded, and it's "imperative" to find a longer-term solution.

The US Treasury does everything in its power to kill crypto, according to Cardano founder Charles Hoskinson.

Senate Republicans say they will oppose raising the debt limit, sparking the threat of a devastating federal default in December.

"No one party is responsible for the need to do this. I believe it should be a shared responsibility," she said.

JPMorgan's Jamie Dimon is joining other banks on Wednesday to warn of the economic consequences of failing to raise the debt ceiling.

"I have learned over many years that we cannot negotiate over things like whether or not to destroy the economy," Sen. Brian Schatz told the NYT.

A $1 trillion coin could be created within minutes at the West Point mint and flown to the New York Fed for physical deposit via helicopter.

It's a legal solution that's gained some momentum to prevent a US default, but Yellen called it a "gimmick."

US Treasury Secretary Janet Yellen has urged Congress to raise the debt ceiling to avoid a "widespread economic catastrophe."

If the US were to default on even a single debt instrument, an S&P analyst said, "we don't know, we don't want to know but it's going to be big."