House Republicans are reportedly getting ready for the US to default as the debt ceiling draws closer
on Wednesday, Republican lawmakers on the House Ways and Means Committee will hold a panel on Thursday to discuss debt prioritization, in which the government would prioritize paying certain obligations over others should the US default on its debt., known as the Default Prevention Act, the government would be able to continue borrowing money to cover existing obligations, along with ensuring federal benefits like Social Security don't lapse.
"I will also say that Treasury systems have all been built to pay our bills, to pay all of our bills when they are due and on time and not to prioritize one form of spending over another," she said. The US is facing yet another debt ceiling crisis, as the country is just months away from being unable to pay off the spending it's already authorized. If the debt ceiling is not raised, it could be financially catastrophic, Yellen"This economic catastrophe is preventable. The solution is simple: Congress must vote to raise or suspend the debt limit," Yellen
."It should do so without conditions. And it should not wait until the last minute. I believe it is a basic responsibility of our nation's leaders to get this done."
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