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Dep. Secy. Adeyemo: ‘There is no way to stop the catastrophe’ of default if debt limit isn’t raised

04:51

Deputy Treasury Secretary Wally Adeyemo joins Andrea Mitchell to explain the consequences if a deal is not reached to raise the debt limit. “There is no way to stop the catastrophe that would be default if Congress doesn't raise the debt limit. All of the alternatives that people have come up with are alternatives that would mean that for the first time in the history of the United States, we didn't meet all of our commitments on time. It would be devastating for our economy,” Adeyemo says. “What private sector analysts have said is that if we defaulted on our debt, we would lose millions of jobs, the economy would go into a recession that would be likely more significant than what we faced after Lehman collapse. That's why we expect Congress to, on a bipartisan basis, avoid default and make sure that we raise the debt limit.”