Congress must act ASAP to avoid possible recession in June - US Treasury

The U.S. Treasury Secretary has warned of an impending recession unless the American debt limit is not taken care of, and with haste. The debt ceiling was reached already in January this year, breaking $31.4 trillion. Secretary of the Treasury Janet Yellen warned that Washington must increase its credit line, or suspend the limitations on what it can borrow, otherwise there could be severe consequences in a matter of weeks.

RT contributor Chris Emms says investors' aversion to American banks that we're now witnessing could have big ramifications.

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