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'Every family should be concerned' about debt ceiling, consumer watchdog warns | CNN Business

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If Congress fails to address the debt ceiling, the federal government could run out of money as soon as June 1, according to Treasury Secretary Janet Yellen.

“It’s a big worry. Every family should be concerned,” Rohit Chopra, director of the Consumer Financial Protection Bureau, told CNN in an interview on Thursday. The nonpartisan Congressional Budget Office said Friday there is a “significant risk” the federal government will no longer be able to pay all of its obligations during the first two weeks of June.

“The closer you get to it, you will have panic,” Dimon told Bloomberg on Thursday. “Markets will get volatile, maybe the stock market will go down, the Treasury markets will have their own problems…This is not good.” No clear path Treasury Secretary Janet Yellen has been making calls to CEOs and business leaders to discuss the consequences of brinksmanship around the debt ceiling, a person familiar with the matter told CNN earlier this week.

 

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