Watch live: Joint Economic Committee holds hearing on damage that would be done by a debt default

The U.S. Congress Joint Economic Committee on Wednesday afternoon is slated to hold a hearing on the economic damage that would be done if the United States defaulted on its debt.

Treasury Department Secretary Janet Yellen warned Tuesday that “time is running out” for Congress to lift the debt ceiling and avert a default on the nation’s debt.

A default would reverse the country’s economic progress and put the economy in the middle of an “unprecedented economic and financial storm,” likely leading to a loss of income and sparking a recession, Yellen added.

Services such as air traffic control, law enforcement, border security and national defense, all reliant on federal employees and contractors, could also be disrupted.

The event is scheduled to begin at 2:30 p.m. ET.

Watch the live video above.