Janet Yellen: “It is imperative that Congress address the debt limit. If not, our current estimate is the treasury will likely exhaust…”

“It is imperative that Congress address the debt limit. If not, our current estimate is the treasury will likely exhaust its extraordinary measures by October 18th. At that point, we expect treasury would be left with very limited resources that would be depleted quickly. America would default for the first time in history. The full faith and credit of the United States would be impaired and our country would likely face a financial crisis and economic recession as a result.”