'If that sounds catastrophic — that’s because it is,' Treasury Secretary Janet Yellen said.
“If that sounds catastrophic — that’s because it is,” Treasury Secretary Janet Yellen said.
Yellen told a banking conference that a situation where the U.S. runs out of cash to pay its bills and defaults on its debt “would generate an economic and financial catastrophe.” She said millions of Americans who rely on payments from the federal government would likely go unpaid, ranging from 66 million Social Security beneficiaries to millions of veterans and military families.
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