Economic resilience has come amid dour sentiment, confounding analysts.
A default would surely trigger a market selloff and the White House has said it could cost millions of jobs.
The Biden administration said job numbers and consumer spending remain strong.
Yellen said in November that she intended to stay for “the duration” of Biden's current term.
The firm's latest models say the chance of a U.S. recession within the next 12 months is 100%.
The president's comments come as many economists are saying a recession is imminent.
Unions were able to obtain negotiated contract language allowing for time off for some medical events.
Biden is poised to announce a sweeping package of student-debt relief.
Biden is expected to announce some measure of debt forgiveness for borrowers whose income falls below a certain threshold.
The recession debate is increasingly veering into political territory as the midterm elections approach.
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