today mitch mcconnell blocked an attempt by chuck schumer to pass an increase in the debt ceiling by a similarable majority vote of the democrats in the senate. joining us now is the deputy director of e national economic council. he previously served on the staff of senator elizabeth warren. thank you very much for joining us tonight. october 18th is the new deadline for debt ceiling action. what would it mean to the economy? what would it mean to the economy of the world if for the first time in history the american government defaults on its debt? well, it would be catastrophic, and that s what seetary yellen s view is. that s the view of outside experts, wall stree experts who have looked at it. it would cost millions of jobs. it would throw the financial system into panic and crisis. it would throw us back into a recession.