Yellen warns delay in raising debt limit will slow economy

Treasury Secretary Janet Yellen is sounding an urgent call for Congress to raise the U.S. government’s borrowing limit, a day after Senate Republicans blocked consideration of a bill that would have done so. Yellen testified before a Senate committee at a hearing Tuesday to update Congress on the impact of the vast financial support programs the government enacted after the viral pandemic paralyzed the economy 18 months ago. If the debt limit isn’t raised, Yellen warned, the country would likely face a financial crisis and economic recession.