Sen. Elizabeth Warren (D-Mass.) issued a stern warning against allowing the U.S. government to default on its debt, and blamed Congress for the government's current fiscal impasse during a Wednesday speech on the Senate floor.
“We’re in this position for one reason, and one reason only: Congress told the government to spend more money than we have. Congress told the Treasury to run up our debt to pay for it. But now Congress is threatening to run out on the bill,” Warren said. "If that strikes you as bizarre, then you are not alone."
Warren said defaulting -- a move several Senate Republicans have considered -- is not an option.
"The idea that we can somehow renege on our debts without paying a huge price is a fantasy," Warren said.
Warren warned that inaction will lead to consequences of international proportions. She said that refusing to pay off our debt would bring even harder economic times to the middle class.
"If we default on our debt, we could bring a worldwide recession on -- a recession that would pummel hard-working middle-class people, people who lost their homes and jobs and retirement savings, who are barely getting back on their feet. We are playing with the lives of every American, and it is not what the American people sent us here to do," Warren said. "This is no time to act out dangerous fantasies.”