Yellen says 'no good options' if Congress fails to raise debt ceiling

Treasury Secretary Janet Yellen on Monday said a failure by Congress to raise the $31.4 trillion federal debt limit would cause a huge hit to the U.S. economy and weaken the dollar as the world's reserve currency. Yellen told CNBC that President Joe Biden would be forced to make decisions on what to do with Treasury's resources if the debt ceiling was not raised, but there were "no good options."

She said Biden hoped to establish a process for discussing and compromising on the issues with congressional Republicans but would not do it "with a gun" to his head.