U.S. Treasury's Adeyemo says default's impact would last for years

U.S. lawmakers must act urgently to prevent a default on the nation’s debt, U.S. Treasury Deputy Secretary Wally Adeyemo told National Public Radio on Monday, saying a default would harm the U.S. and global economies for years to come.

Any default could impact u.s. Treasuries, raise borrowing costs and make people less willing to invest in dollar-based assets, he said.