We would have defaulted on the national debt, interest rates would have gone up. You know, economic activity stalls when interest rates go up. They have now. And as a result, The American economy would go into a deep recession, if not a depression, and the world economy would do the same thing [if the U.S. defaulted]. There is no political priority that is worth that. Sure, we have. There are Democratic priorities, there are Republican priorities. But before you can have any of these priorities come true. (08:20)
CLAIM
Asserts that a U.S. default could lead to a severe economic downturn domestically and globally.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
