Reid Warns Default Would Be "Much Worse Than The Great Depression"

harry reid

Photo: Wikimedia Commons

Senate Majority Leader Harry Reid (D-NV) warned Monday that the consequences of the government failing to make good on its obligation if the debt ceiling isn’t raised would be “much worse than the Great Depression.”Reid announced Monday that the chamber will remain in session until a debt ceiling deal is reached.

“The Senate has no more important task than making sure the United States does not fail to pay our bills for pre-existing obligations like Social Security for the first time in our history,” he said in a statement. “To ensure that we meet this responsibility, the Senate will stay in session every day, including Saturdays and Sundays,  from now until Congress passes legislation that prevents the United States from defaulting on our obligations.”

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