Treasury Secretary Janet Yellen warned that defaulting on the debt ceiling would lead to financial catastrophe.
"America has paid all of its bills on time since 1789, and not to do so would produce an economic and financial catastrophe," Yellen told ABC's George Stephanopolous on Monday."And every responsible member of Congress must agree to raise the debt ceiling."Sign up for NBC San Diego newsletters.
The Treasury Secretary said the House has always fulfilled its duty to raise the limit though it has sometimes"gone up to the wire." House Speaker Kevin McCarthy announced that he will deliver an address on the debt ceiling Monday at 5:30 p.m. ET.
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