Yellen warns delay in raising debt limit will slow economy

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — 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 is testifying to a Senate committee at a hearing 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 full faith and credit of the United States would be impaired, and our country would likely face a financial crisis and economic recession.”