Treasury Secretary Janet Yellen said Wednesday the U.S. remains on course to default on its loans as early as next Thursday, unless lawmakers agree to raise the ceiling on the national debt. The White House says a default would cause severe damage to the U.S. economy, costing up to 8 million jobs. On Tuesday, far-right House Freedom Caucus member Matt Gaetz openly admitted Republicans were holding the U.S. economy hostage in a bid to force Democrats to agree to huge cuts in federal spending.

Rep. Matt Gaetz: “I think my conservative colleagues, for the most part, support Limit, Save, Grow, and they don’t feel like we should negotiate with our hostage.”

White House Press Secretary Karine Jean-Pierre seized on Gaetz’s comments, saying they showed the fight over the debt ceiling was a “manufactured crisis.”

Press Secretary Karine Jean-Pierre: “And don’t take our word for it; just listen to members of the House Freedom Caucus. They’ve been very honest about this and are now openly — they’re saying the quiet thing out loud, referring to the full faith and credit of the United States as a hostage.”