Republicans are preparing to let some bills go unpaid as the debt ceiling crisis looms. Janet Yellen says their plan is just 'default by another name.'
last week, Republicans have started preparing for default through legislation known as the Default Prevention Act, which would allow the government to continue borrowing money while ensuring benefits like Social Security don't lapse."I think that we should not think that prioritization is a solution to the debt ceiling issue," Yellen said at aon the 2024 budget."Prioritization is simply not paying all of the government's bills when they come due.
that"a failure on the part of the United States to meet any obligation, whether it's the debt holders, members of our military, or to Social Security recipients, is effectively a default." "What's critical is that we maintain our commitment to pay the government's bills — all the government's bills — when they come due," Yellen said on Friday."And if we don't do that and think that there is some shortcut around it that will avoid economic chaos, we're kidding ourselves — because not paying the government's bills will produce economic and financial collapse.
The clock is ticking for Congress to raise the debt ceiling, with the US expected to run out of measures to keep the government funded
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