The Joint Economic Committee holds a hearing titled "The Economic Costs of Debt-Ceiling Brinkmanship." Vice Chair Sen. Amy Klobuchar (D-MN) presides over the meeting.
Witnesses, including Moody's Analytics chief economist Mark Zandi, discusses the potential harm to the economy. He also talks about the repercussions if the debt ceiling is not raised by mid-October, when the federal government could go into default.
The Joint Economic Committee, established by the Employment Act of 1946, is composed of ten Democrats and ten Republicans from both chambers of Congress and focuses on "continuing study of matters relating to the U.S. economy."