Excerpt
October 4, 2021, Interview: "Harvard Law School Professor Howell E. Jackson J.D./MBA '82 says a failure by Congress to raise the debt ceiling could harm Social Security recipients, government employees, and members of the military; undermine the dollar abroad; and could even precipitate a recession. While lawmakers narrowly averted a government shutdown by passing a temporary spending bill last week, Treasury Secretary (and former chair of the Federal Reserve Bank) Janet Yellen has said that, without congressional action to authorize more borrowing, the government will no longer be able to pay all its bills by October 18. Harvard Law Today recently spoke by Zoom with Jackson — an expert in financial regulation and federal budget policy, and author of a paper analyzing a previous standoff "The 2001 Debt Ceiling Impasse Revisited" — about what might happen if the United States defaulted on its debts for the first time in history."
Non-HKS Author Website - Howell Jackson