Experts testified to lawmakers about the economic dangers of allowing the government to default on its debt obligations
As time runs out, a growing number of lawmakers are weighing the Treasury's ability to avoid a debt-limit breach by prioritizing payments to Treasury bondholders, according to the report. Analysts called the solution "badly misguided."
Douglas Holtz-Eakin, president of the American Action Forum, a right-leaning fiscal policy organization, told the senators that the U.S. will effectively hand economic power to China if it defaults on its debt and endangers its international creditworthiness. In his opening remarks, Holtz-Eakin also said that skirting default would have "serious and adverse economic effects."
Sen. Elizabeth Warren, chair of the economic policy subcommittee, compared the Republican pushback on the debt-limit decision to refusing to pay a credit card bill.
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