WASHINGTON (AP) — Treasury Secretary Janet Yellen has told a congressional panel that failing to raise the federal debt ceiling would have “absolutely catastrophic consequences” that could bring on a financial crisis. Testifying Wednesday before a Senate Appropriations subcommittee, Yellen said in response to questions that it is important that Congress not delay in dealing with the debt limit, which has been suspended for the past two years. That suspension is due to expire on July 31, when the limit will go back into effect at the level of debt at that time. The debt subject to the limit currently stands at $28.3 trillion.
