A potential default on the federal debt 'would impose a self-imposed calamity in the United States and the world economy,' Yellen said in an interview with AP.
from House Republicans that calls for triaging payments after the exhaustion of "extraordinary measures" to avoid default.When asked about potential demands from the GOP for spending cuts in exchange for backing a higher debt limit, Yellen called the position "a very irresponsible thing to do" and said it could have serious consequences even before "the day of reckoning.
"It is possible for markets to become quite concerned about whether or not the U.S. will pay its bills," she told AP, highlighting the negative economic impacts of the 2011 debt showdown.
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