Treasury Secretary Janet Yellen urged Congress Wednesday to address the debt ceiling immediately, in order to keep the U.S.

"I would plead with Congress simply to protect to full faith and credit of the United States by acting to raise or suspend the debt limit as soon as possible," Yellen said.

Failing to increase the debt limit would have absolutely catastrophic economic consequences," Yellen said.

"Treasury is evaluating a range of potential scenarios, including some in which extraordinary measures could be exhausted much more quickly than in prior debt limit episodes," Deputy Assistant Secretary for Federal Finance Brian Smith said on May 5 in a statement.

The debt ceiling was raised or suspended several times under former President Trump, in addition to his 2019 suspension

When he first took office, the national debt was over $19 trillion and more than $27 trillion by the time he left office. 

When asked about the looming debt ceiling fight on Monday, White House press secretary Jen Psaki said the president believes Congress should raise it as it did when Mr