US Debt Default Would Be Catastrophic, Could Cost American Dollar Reserve Currency Status: Congressman Jim Himes

The looming debt ceiling crisis could undermine the status of the US dollar as the world’s reserve currency, according to House Democrat Jim Himes.

In a recent CNN interview, Congressman Himes says the US has never been on the verge of defaulting on its debt before.

Himes says a failure to resolve the debt ceiling face-off could prove “catastrophic” for the prospects of the United States and the dollar.

“The United States has never really come close to defaulting on its debt before, so its hard for us to imagine what that might look like. But of course, it could be catastrophic. 

Frankly, the full faith and credit of the United States is the bedrock on which the global financial system is built. And if

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