Janet L. Yellen

The failure to raise the debt ceiling would cause an economic and financial catastrophe.

It is a fundamental, basic responsibility of Congress to pay the Government's bills.

Historically, it is a high level, but on the other hand, interest rates, real interest rates have moved down substantially in recent decades.

Well, I am not going to make a blanket statement that I agree with that.

It certainly can be. I certainly----

This has never been tried. It has been rejected by all past Treasury secretaries.

Not paying any of our bills is default.

Prioritization is default by another name.

The Trump tax cuts added hugely to the deficit.

I would love to know who is responsible for that.

It is a fundamental, basic responsibility of Congress to pay the Government's bills. And I call on Congress to expeditiously raise the debt ceiling.

The failure to raise the debt ceiling would cause an economic and financial catastrophe.