Yellen: Failure to raise debt limit would be 'catastrophic'
Treasury Secretary Janet Yellen speaks during a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Treasury Department, Wednesday, June 23, 2021, on Capitol Hill in Washington. (Greg Nash/Pool via AP)

Treasury Secretary Janet Yellen speaks during a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Treasury Department, Wednesday, June 23, 2021, on Capitol Hill in Washington. (Greg Nash/Pool via AP)

Jun. 23, 2021 03:09 PM EDT
Treasury Secretary Janet Yellen testifies before a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Treasury Department. Wednesday, June 23, 2021, on Capitol Hill in Washington (Greg Nash/Pool via AP)

Treasury Secretary Janet Yellen testifies before a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Treasury Department. Wednesday, June 23, 2021, on Capitol Hill in Washington (Greg Nash/Pool via AP)

Jun. 23, 2021 02:45 PM EDT
Treasury Secretary Janet Yellen testifies before a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Treasury Department. Wednesday, June 23, 2021, on Capitol Hill in Washington (Greg Nash/Pool via AP)

Treasury Secretary Janet Yellen testifies before a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Treasury Department. Wednesday, June 23, 2021, on Capitol Hill in Washington (Greg Nash/Pool via AP)

Jun. 23, 2021 02:44 PM EDT
Sen. John Kennedy, R-La., questions Treasury Secretary Janet Yellen during a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Treasury Department, Wednesday, June 23, 2021, on Capitol Hill in Washington. (Shawn Thew/Pool via AP)

Sen. John Kennedy, R-La., questions Treasury Secretary Janet Yellen during a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Treasury Department, Wednesday, June 23, 2021, on Capitol Hill in Washington. (Shawn Thew/Pool via AP)

Jun. 23, 2021 03:01 PM EDT
Treasury Secretary Janet Yellen testifies before a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Treasury Department. Wednesday, June 23, 2021, on Capitol Hill in Washington (Greg Nash/Pool via AP)

Treasury Secretary Janet Yellen testifies before a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Treasury Department. Wednesday, June 23, 2021, on Capitol Hill in Washington (Greg Nash/Pool via AP)

Jun. 23, 2021 02:44 PM EDT
Sen. Cindy Hyde-Smith, R-Miss., questions Treasury Secretary Janet Yellen during a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Treasury Department, Wednesday, June 23, 2021, on Capitol Hill in Washington. (Greg Nash/Pool via AP)

Sen. Cindy Hyde-Smith, R-Miss., questions Treasury Secretary Janet Yellen during a Senate Appropriations Subcommittee hearing to examine the FY 2022 budget request for the Treasury Department, Wednesday, June 23, 2021, on Capitol Hill in Washington. (Greg Nash/Pool via AP)

Jun. 23, 2021 02:56 PM EDT