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Yellen Sends Default Warning If Congress Fails
Bloomberg Businessweek
The Fed's Contingency Plan for the United States
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There is no satisfactory solution for the United States. A solution that will be good for the economy and financial markets, other than Congress acting to raise the debt ceiling. If Congress fails to do that, it really impairs our credit rating. We have to default on some obligation, whether it's treasuries or payments to Social Security recipients. That's something America hasn't done since 1789; we shouldn't start now.
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