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Treasury Secretary Janet Yellen speaks during an event Wednesday in Washington, D.C. Photo: Drew Angerer/Getty Images

Treasury Secretary Janet Yellen warned in a Wall Street Journal op-ed on Sunday that the U.S. could face a fresh financial crisis if Congress failed to raise or suspend the country's debt ceiling.

Why it matters: The U.S. has never defaulted on its debt, but some Republican lawmakers have threatened to vote against raising the debt ceiling, arguing that it would only promote more government spending.

  • Yellen writes in the WSJ that failing to act "would likely precipitate a historic financial crisis that would compound the damage of the continuing public health emergency."

Of note: Yellen has previously said the U.S. could default in October if there's an impasse and has urged Congress to pass a bipartisan resolution. Now she warns the looming crisis could leave the U.S. a "permanently weaker nation."

  • "[T]he overwhelming consensus among economists and Treasury officials of both parties is that failing to raise the debt limit would produce widespread economic catastrophe," Yellen wrote in the WSJ article.

Go deeper

McConnell’s done dealing

Senate Minority Leader Mitch McConnell (R-Ky.) walks to a meeting with Senate Republicans at the U.S. Capitol. Photo: Drew Angerer via Getty Images

Less than 24 hours after Congress narrowly avoided a government shutdown, Senate Minority Leader Mitch McConnell (R-Ky.) made a point of trying to spin the narrative to his party's favor, telling President Biden via letter that Republicans will not assist again if Democrats "drift into another avoidable crisis."

Why it matters: For months, McConnell refused to budge over his insistence that Democrats suspend the debt limit through the budget reconciliation process. Crisis was averted Thursday night after McConnell struck a deal with Senate Majority Leader Chuck Schumer (D-N.Y.) to raise the debt ceiling, and nailed down enough GOP senators to pass the agreement.

Justice Department asks Supreme Court to block Texas abortion ban

Abortion rights activists rally at the Texas State Capitol on Sept. 11, 2021, in Austin, Texas. Photo: Jordan Vonderhaar/Getty Images

The Justice Department on Monday asked the Supreme Court to temporarily block Texas' near-total ban on abortions while federal courts consider its constitutionality.

The big picture: The court last month allowed the ban to take effect, rejecting an emergency application by abortion-rights groups. The law bars the procedure after cardiac activity is detected, as early as six weeks into pregnancy.

Updated 50 mins ago - Health

This arthritis drug cost $198 in 2008. Now it's more than $10,000

Illustration: Aïda Amer/Axios

In 2008, a box of 30 anti-inflammatory rectal suppositories that treats arthritis, called Indocin, had a price tag of $198. As of Oct. 1, the price of that same box was 52 times higher, totaling $10,350.

Why it matters: As federal lawmakers continue to waver on drug price reforms, Indocin is another example of how nothing prevents drug companies from hiking prices at will and selling them within a broken supply chain.