Adeyemo: Default Would Have Implications For Years To Come

Deputy Treasury Secretary Wally Adeyemo has told NPR that, "any US default on debt would have implications for years to come," and urged Congress to "act on debt as soon as possible."

• Adeyemo said in the interview, "the only thing that will work to prevent a US default will be congressional action," appearing to quash suggestions that the White House might use the 14th Amendment or mint a platinum coin to raise the debt limit unilaterally.
• Biden told reporters last week that he was considering 14th Amendment option but Treasury Secretary Janet Yellen acknowledged using the untested measure would be “legally questionable.”
• Adeyemo futher states that, "US treasuries would be put in question if congress does not act on debt limit," adding that default would make people "less willing to invest in dollar assets," and raise the cost of borrowing.