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Janet Yellen Says Treasury Can’t Prevent Default if U.S. Breaches Debt Limit

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wsj.com

DAKAR, Senegal—Treasury Secretary Janet Yellen said Friday that the U.S. wouldn’t be able to prevent a default if the federal government breached its debt ceiling and cautioned that Treasury’s systems weren’t designed to give priority to payments to bondholders after the borrowing limit is exceeded.

Ms. Yellen, speaking at the Senegalese presidential palace, where she was meeting with Senegalese President Macky Sall during a three-country tour through Africa, said that missing a payment on any of the federal government’s obligations would constitute a default. 

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