Sen. Coons: 'The single worst thing we could do is default'

“Default would be catastrophic.” With only about two weeks left until the June 1st deadline and no resolution yet to the debt ceiling standoff, Sen. Chris Coons (D-DE) is warning about the devastating effects of a default. “Full default would cost eight million jobs, throw our economy into a recession, and impact our standing in the world,” he tells Ali Velshi. “The single worst thing we could do is default.” While a small faction of radical Republicans are threatening to bring the country to the brink of economic disaster, others in Congress are trying a few different approaches to avoid it. “We have three fairly difficult pathways here and not a lot of time,” Coons says. But at the end of the day, he states, “Default is not an option.”May 20, 2023