Lawmakers have less than three weeks to raise the debt limit or risk a first-ever default, which would trigger a broad market sell-off and put a stranglehold on everything from government payments to the ability to borrow.
“It is imperative that Congress swiftly addresses the debt limit,” Treasury Secretary Janet Yellen said in remarks to the Senate Banking Committee. Failing to act could spark an economic catastrophe, Yellen also said.
“Nearly 50 million seniors could stop receiving Social Security checks for a time. Troops could go unpaid. Millions of families who rely on the monthly child tax credit could see delays.
“In a matter of days, millions of Americans could be strapped for cash.”