Statement on Action To Prevent Default on the Public Debt

The Republican Congress has failed to take responsible action to prevent default for the first time in our history and to ensure that the Government can meet its obligations, including paying next month's Social Security benefits. To prevent against default and all of its subsequent harmful consequences, my Secretary of Treasury has been forced today to take extraordinary but necessary actions. I won't allow the Republican Congress to force us into default or put Social Security beneficiaries at risk. If the Republican Congress won't take action to prevent default and protect Social Security recipients, I will.