Democrats from the Joint Economic Committee presented a report about the possible consequences of Republicans not raising the debt ceiling.
The group was led by Senate Majority Leader Chuck Schumer (D-N.Y.) and House Minority Leader Hakeem Jeffries (D-N.Y.), who warned during a March 23 press conference that the Republican Party’s stance on the debt limit could have severe consequences for American families and the wider economy.
The possible fallout cited by lawmakers included but was not limited to the loss of retirement savings, seniors’ interruption of SS benefits, a global financial crisis possibly as bad as 2008, doubling unemployment, a steep decline in GDP, crashing markets, and worldwide recession.
The report created by Democrats in the House and Senate argues that Republicans are creating a default crisis that will damage confidence in the United States’ commitment to paying its bills and increase costs for families, from mortgages and car loans to student loans and small business loans.
“House Republican colleagues are gambling with American families’ pocketbooks as part of a political ploy,” Schumer said during the press briefing. “Just yesterday, the House Republican budget committee doubled down on its threat to play political games with the first-ever default. That’s what the chairman did.”