US Treasury Secretary Yellen asserts that the US will never default, refuting comments by Damon about cracks eventually appearing in the bond market.

As the deadline for raising the federal debt ceiling approaches, U.S. Treasury Secretary Scott Beckett said that the United States "will never default." "This will never happen," Beckett said on Sunday. He said, "We are approaching the warning line, but we will never hit that wall." JPMorgan Chase CEO Jamie Dimon warned earlier that cracks would eventually appear in the bond market. Beckett disagreed. He said, "I have known Jamie for a long time, and throughout his entire career, he has made such predictions." "Fortunately, these predictions have not come true. That is why he is a great banker." Beckett said that we will slowly reduce the deficit. It is a long process, so the goal is to reduce it over the next four years.