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Photo: Al Drago/AFP via Getty Images

Treasury Secretary Janet Yellen told CNBC on Tuesday that the U.S. could face a recession if Congress fails to raise the debt ceiling by Oct. 18.

Driving the news: President Biden on Monday urged Republicans to "get out of the way" and let "Democrats vote to raise the debt ceiling this week."

  • Republicans, led by Senate Minority Leader Mitch McConnell, have said they will not support raising the debt ceiling because it will promote more government spending.

Context: Failing to raise the debt ceiling by the deadline could pause paychecks to federal workers, Medicare benefits, military salaries, tax refunds, Social Security checks and more, CNN notes.

What they're saying: "It would be catastrophic to not pay the government’s bills, for us to be in a position where we lacked the resources to pay the government’s bills," Yellen said in an interview on CNBC.

  • "I fully expect it would cause a recession as well," she added.

Catch up quick: Yellen last week told House Speaker Nancy Pelosi that the U.S. would likely begin to default on its loans after Oct. 18 if Congress failed to take action on the debt ceiling by that date.

  • The U.S. has never defaulted on its financial obligations, and Yellen has warned that doing so would bring permanent damage to the country's economy.

Go deeper

Evergrande isn't alone

Illustration: Aïda Amer/Axios

China Evergrande’s debt problems aren’t an anomaly. Signs of stress are piling up in China’s real estate development sector, and more companies are signaling they may not be able to pay back their debt.

Driving the news: Fellow builder Modern Land asked its bondholders if it could delay a bond payment by three months, and Sinic said it will likely default next week, Reuters reports.

Biden: "Being a cop today is one hell of a lot harder than it's ever been"

President Biden speaks during the 40th Annual National Peace Officers Memorial Service at the U.S Capitolon Oct. 16. Photo: Brendan Smialowski/AFP via Getty Images

President Biden speaking at the U.S. Capitol on Saturday honored members of law enforcement who died in the line of duty in 2019 and 2021 and saluted those who are currently serving.

Driving the news: "We expect everything of you, and it's beyond the capacity of anyone to meet the total expectations. Being a cop today is one hell of a lot harder than it's ever been," Biden said.

Updated 4 hours ago - World

Islamic State claims responsibility for deadly bombing in southern Afghanistan

The mosque after the explosion in southern Kandahar province on Oct. 15. Photo: Murteza Khaliqi/Anadolu Agency via Getty Images

The Islamic State group claimed responsibility for a massive blast that tore through a crowded Shiite mosque in the southern Afghan city of Kandahar on Friday, killing at least 47 people and injuring dozens more, AP reports.

Why it matters: Friday's attack was the deadliest to strike Afghanistan since the U.S. withdrew its troops from the region and is the second major attack on a Shiite mosque in a week, underscoring the Taliban's growing security threat from other militant groups.