Treasury Secretary Janet Yellen pleaded with U.S. lawmakers on June 23 to raise the so-called federal debt ceiling to stave off an “unthinkable” default on U.S. debt obligations, which could spark a financial crisis.
Yellen made the remarks in testimony before a Senate Appropriations subcommittee, urging lawmakers to raise the legal cap on how much the federal government can owe, warning that if they don’t agree, there could be “absolutely catastrophic economic consequences.”
