Leaders in Washington are running out of time to avoid an unprecedented default on US debt. The top consumer watchdog in the federal government is warning of dire consequences for American families.
“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.
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. 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.