The Economic Consequences of Default

On May 1, Treasury Secretary Janet Yellen informed Congress that the federal government is at risk of default, potentially as soon as June 1, if the debt ceiling is not raised, suspended, or eliminated. The United States has never intentionally defaulted on its obligations. Experts across the political spectrum agree that the consequences of default—or even a near brush with default—would be catastrophic with long-term consequences for families, businesses, and the role of the United States in the global economy.

As the nation enters uncharted and potentially dangerous territory, please join the Center for American Progress for a conversation with experts about what default might mean for the economy.

Introductory Remarks:
Patrick Gaspard, President and CEO, Center for American Progress

Panelists:
Wendy Edelberg, Director, The Hamilton Project; Senior Fellow, Economic Studies, The Brookings Institution
Ben Harris, Former Assistant Secretary for Economic Policy, U.S. Dept. of the Treasury
Mark Zandi, Chief Economist, Moody’s Analytics

Moderator:
Emily Gee, Senior Vice President, Inclusive Growth, Center for American Progress