US Treasury Sec. Yellen warns of a recession if the debt limit is not raised

When asked about debt, inflation, infrastructure and the economy, US Treasury Secretary Janet Yellen warned of a likely recession if the debt ceiling is not raised, in an interview with NPR Marketplace early Wednesday.

Additional quotes

“Both the Republican Party and the Democrats should raise the debt ceiling.”

“Congress will enact a debt-limit bill.”

“The Build Back Better program is anti-inflationary in the medium term.”

“The Federal Reserve will not allow 1970s-style inflation to return.”

“Inflation will be closely monitored; the Federal Reserve is already doing so.”