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A potential default on the federal debt “would impose a self-imposed calamity in the United States and the world economy,” Treasury Secretary Janet Yellen<\/a> said in an interview with AP<\/a> Saturday.<\/p>\n Driving the news: <\/strong>Yellen said she expects that Congress will eventually vote to raise the debt limit, after the Treasury Department announced this week that the U.S. has reached its $31.4 trillion debt ceiling<\/a>.<\/p>\n Catch up quick:<\/strong> Yellen on Friday ruled out<\/a> a potential proposal<\/a> from House Republicans that calls for triaging payments after the exhaustion of “extraordinary measures” to avoid default.<\/p>\n What she’s saying: <\/strong>When asked about potential demands from the GOP for spending cuts in exchange for backing a higher debt limit, Yellen called the position “a very irresponsible thing to do” and said it could have serious consequences even before “the day of reckoning.”<\/p>\n\n