Franken: Defaulting would Cause 'Worldwide Economic Crisis'

Posted at: 10/09/2013 5:38 PM
Updated at: 10/09/2013 5:44 PM
By: Alan Hoglund

In just over a week, the federal government will run out of money pay its bills.

Weighing in Wednesday on what is at stake, Sen. Al Franken, D-Minnesota, called the shutdown "frustrating" for Minnesotans. But he said defaulting on the country's debt would have worldwide implications.

"The world economy depends on the strength of the U.S. dollar," Franken said. "If we default on our debt that will undermine all of that and could cause a terrible, terrible worldwide economic crisis."

Congress has until October 17th to raise the debt ceiling and prevent it.