Treasury Secretary Yellen Warns of Economic Catastrophe If U.S. Defaults

C-SPAN: Treasury Secretary Janet Yellen tells a community banking conference in Washington, D.C. that it’s imperative Congress take action to raise the debt limit, warning that a “U.S. default would generate and economic and financial catastrophe” that would that would have widespread implications, including a halt in payments to Social Security beneficiaries and veterans and an “income shock” that she says could “lead to a recession.”

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Click here for Yellen’s full address before the Independent Community Bankers of America Summit.