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Associated Press

Yellen: ‘No good options’ if Congress fails to act on debt

Treasury Secretary Janet Yellen is warning about the dire consequences if Congress fails to act on the debt ceiling. (Photo by Alex Wong/Getty Images)

Alex Wong/Getty Images

Treasury Secretary Janet Yellen said Sunday that there are “no good options” for the United States to avoid an economic “calamity” if Congress fails to raise the nation’s borrowing limit of $31.381 trillion in the coming weeks. She did not rule out President Joe Biden bypassing lawmakers and acting on his own to try to avert a first-ever federal default.

Her comments added even more urgency to a high-stakes meeting Tuesday between Biden and congressional leaders from both parties.