America would default for the first time in history. The full faith and credit of the United States would be impaired and our country would likely face a financial crisis and economic recession as a result.
Yellen warns of the severe consequences of failing to address the debt ceiling.
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I will never forget it. I was involved in it, and we did everything we could to put together a package of measures that would stop what could have become a run on the banking system.
I think this is an area where congressional legislation is appropriate to create an appropriate prudential framework.
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