Yellen: U.S. faces ‘widespread suffering’ if debt limit not raised

"Yellen told a banking conference that a situation where the U.S. runs out of cash to pay its bills and defaults on its debt “would generate an economic and financial catastrophe.” She said millions of Americans who rely on payments from the federal government would likely go unpaid, ranging from 66 million Social Security beneficiaries to millions of veterans and military families."

For the first time in its history, our country is at risk of defaulting on our debts – and Treasury Secretary Janet Yellen said that could come as soon as June 1st, John.

Raising the debt ceiling should not be a matter of political debate — it is about paying back money our country has already spent.

This is a dangerous situation for our economy; in the next few months, we could see a worldwide recession, higher payments for car, home, and student loans, and massive layoffs. It shouldn’t be a matter for political debate that we can’t go down this road.

Earlier this year, Chris introduced the Protect our CREDIT Act, a bill that will reform the process of raising the debt ceiling, protect critical programs, and ensure a political stalemate like this never happens again. As the situation continues, Chris knows this legislation is vital to the future of our country.

Do you support Chris's legislation to make sure far-right extremists can’t hold the debt ceiling hostage? Add your name to the petition >>