Janet Yellen actually said...

It is imperative that Congress address the debt limit. If not, our current estimate is the treasury will likely exhaust its extraordinary me...

failing to increase the debt limit would have catastrophic economic consequences.

I do support eliminating stepped-up basis. The reason is that a very large share of the income of wealthy individuals is simply never taxed.

I cannot think of anything more harmful to the role of the dollar than failing to raise the debt ceiling.