After the US hit its debt ceiling, the Treasury Department is now undertaking “extraordinary measures” to keep paying the government’s bills. So what would happen to the economy in a worst-case scenario of default?
After the United States hit its debt ceiling on Thursday, the Treasury Department is now undertaking “extraordinary measures” to keep paying the government’s bills. A default could be catastrophic, causing “irreparable harm to the US economy, the livelihoods of all Americans and global financial stability,” Treasury Secretary Janet Yellen has warned. Yellen on Friday told CNN’s Christiane Amanpour that the impacts would be felt by every American.
That ultimately was the date when Congress passed, and President Barack Obama enacted, a law increasing the ceiling. The actual economic impact of the debt ceiling run-up in 2011 is hard to isolate and quantify, Pugliese said, noting how the sluggish US economic recovery also experienced spillover effects from global events, notably Europe’s sovereign debt crisis. Still, there were some indications that the protracted congressional battle contributed to a shake-up in the economy then, he said.
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