Fed Chief Powell on mounting US debt: It would be a ‘very big deal’ to not pay our bills when due
“‘It’s beyond even consideration. The idea that the U.S. would not honor all of its obligations and pay them when due is something that can’t even be considered,’ the central bank leader says.”
USAGOLD note: Powell’s statement ties into the upcoming vote in March to raise the debt ceiling. The chairman had to be thinking about the 2011 shutdown when Standard & Poor’s downgraded the U.S. credit rating.