Deputy Treasury Sec. says there’s ‘no backup system’ if US government defaults

Deputy Treasury Secretary Wally Adeyemo said there is no plan to preserve U.S. credibility if the country defaults on its debt. “For over 200 years, the thing the United States has done is we've maintained our credibility by paying all of our bills on time,” Adeyemo told CNN on Thursday. “We don't have a system in place or a backup system that allows us to pay some bills and not other bills.”