In a speech today, Oct. 9 on the floor of the United States Senate, Senator Elizabeth Warren (D-Mass.) outlined the potential consequences of a voluntary default on our nation's debt and called on Congress to immediately raise the debt ceiling.

"We're in this position for one reason, and one reason only: because Congress told the government to spend more money than we have – and Congress told the Treasury to run up our debt to pay for it – but now Congress is threatening to run out on the bill," Senator Warren said. "…The idea that we can somehow renege on our debts without paying a huge price is a fantasy—and a very dangerous one."

Warren highlighted the widespread concern among economists of every political persuasion that a default could plunge the country into another recession, and spoke about the consequences a default would have for American families.