Recession and high inflation are expected to hit the United States this year that will continue well into 2024, according to a majority of economists.

US Treasury Secretary Janet Yellen has warned that the United States is facing a catastrophic debt crisis if Congress fails to raise the statutory debt ceiling to fend off a default.

The US will enter a recession in 2023.

US Treasury Secretary Janet Yellen has warned that the United States could see a recession and "cause a global financial crisis" if it defaults on its national debt as lawmakers grapple over raising the debt limit.

New data shows retail sales in the US fell for the second consecutive month in December, amid concerns that the country is headed for another recession.

Bank of America chief economist Michael Gapen said the risk of the US economy falling into recession is high and that 2023 could be a difficult year for the country.

Wall Street's main indexes fell on Wednesday, giving up modest initial gains, on growing concern about a recession in 2023 and surging COVID-19 cases in China, the world's top oil importer.