Speaking with bank CEOs and President Joe Biden at the White House, US Treasury Secretary Janet Yellen said that Congress should raise the public debt ceiling "immediately" to avoid a financial crisis, warning that the Treasury would have “very limited cash” that would be quickly depleted after October 18.

Yellen noted that Congress should give immediate attention to the crisis, or else the US would face a financial crisis and likely a "recession."

A meteor is heading to US economy, says Biden

On Tuesday, US President Joe Biden warned Congress not to exceed the US public debt ceiling if no agreement is reached. “A meteor is headed to crash into our economy. Democrats are willing to do all the work stopping it. Republicans just have to let us do our job. Just get out of the way," Biden said on October 5, in a White House speech.