Yellen assures Congress on US banking system and debt limit plan.

Treasury Secretary Janet Yellen has criticized the Republican proposal to prioritize some US debt obligations over others, calling it a "dangerous idea" that would technically cause the US to default on its bonds. Yellen said China would be among the first in line to get paid under the proposal, which places a higher priority on making public debt obligations and Social Security payments than other types of government obligations. Democrats have pointed out that the plan would benefit Wall Street and China, since they hold most government bonds.