Senate Blocks House Bill to Avoid Shutdown: Yellen Worries About “Default “

Lawmakers are scrambling ahead of Friday’s deadline to avoid a shutdown of the U.S. government.

On Monday evening, Republicans blocked a short term resolution that would have prevented a shutdown because it included language that would have raised the debt ceiling something Senate minority leader Mitch McConnell said, “the Democrats have known is a nonstarter for more than two months.”

Government funding dries up on Friday at midnight. If lawmakers have not reached an agreement, the government will be forced to shut down non-essential services.

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Republicans would like to see what is called a “clean CR” or a continuing resolutions that doesn’t raise the debt ceiling.

Meanwhile, Treasury Secretary Janet Yellen warns that if the debt ceiling is not raised by mid October, the U.S. government will not be able to pay its bills and risks default. In a recent oped in the Wall Street Journal, the Treasury Secretary and former head of the Federal Reserve warned that a default on U.S. debt (something that has never happened in the history of the nation) would have severe economic consequences.

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