Sen. Chuck HagelCharles (Chuck) Timothy HagelOvernight Defense: Latest on historic Korea summit | Trump says 'many people' interested in VA job | Pompeo thinks Trump likely to leave Iran deal Should Mike Pompeo be confirmed? Intel chief: Federal debt poses 'dire threat' to national security MORE (R-Neb.) said that the current financial crisis has the potential to be worse than the Great Depression, the Associated Press reports.

Hagel, in comments made Friday after a Senate Banking Committee meeting, said that the government needed to act to stem the mess on Wall Street or risk an international economic downturn. Without effective government action, the crisis could become worse than the Depression of the 1930s due to the interconnectedness of modern economies, Hagel said according to the Omaha World-Herald.