Janet Yellen drills home importance of addressing debt limit (updated)

"It is imperative that Congress address the debt limit," Treasury Secretary Janet Yellen asserts during her testimony to the Senate Committee on Banking, Housing, and Urban Affairs. She urged bipartisan action on the issue and warned that if no agreement is reached to lift or suspend the debt limit, it would be the first time in history that the U.S. defaults on its debt and would "be disastrous." Federal Reserve Chairman Jerome Powell, in his statement, said the economy is still a long way from meeting its maximum employment goal. 10:45 AM ET: While it's possible the Fed could create a central bank digital currency without Congressional authorization, "it would be ideal if this were a product of broad consultation and ultimately authorizing legislation from Congress," Powell said. Update at 10:34 AM ET: Powell repeated his view that "we have all but met the test for the taper." Still, "we