Treasury Secretary Janet Yellen urges Congress to address the debt limit as the government once again risks running out of funds in mid-December. "I cannot overstate how critical it is that Congress address this issue. America must pay its bills on time and in full," Yellen said during her CARES Act oversight testimony to the U.S. Senate. Failing to act on the debt limit would "eviscerate our current recovery," Yellen said. She also asks the Senate to pass the Biden administration's Build Back Better legislation, which has already been passed by the House. She expects that the bill would "end the childcare crisis... letting parents return to work." Update at 10:30 AM ET: Federal Reserve Chairman Jerome Powell, in his testimony said, "inflation has spread more broadly across the economy recently... and the risk of higher inflation has increased." 10:37 AM ET: "It's a good time to retire" the word
