Treasury Secretary Janet Yellen warns of ‘absolutely catastrophic’ hit to economic recovery this summer if US can’t pay its bills on time

Treasury Secretary Janet Yellen warns of ‘absolutely catastrophic’ hit to economic recovery this summer if US can’t pay its bills on time

Win McNamee/Getty Images On Wednesday Secretary Yellen asked Congress to extend a July deadline to pay back some of the federal debt. Without an extension, she warned of a “catastrophic” default that could hurt economic recovery. Some in the GOP have signaled they want spending cuts in exchange for increasing the debt ceiling. See more

Treasury Yields Tick Higher After Economic Data and a Big Budget Proposal

Treasury Yields Tick Higher After Economic Data and a Big Budget Proposal

Text size Treasury yields climbed Thursday after a couple of economic data points indicated a continued U.S. recovery and amid reports that a coming budget proposal from the White House would, if adopted, boost federal spending to the highest levels since World War II.  The economic recovery is among the factors driving Treasury yields higher.