Americans could see their student debt, car, and mortgage payments surge because of Republicans' 'flirtation with the default,' top Democrat Hakeem Jeffries says
He added he doesn't know if the bill will have sufficient support"because it doesn't exist in writing yet. We still have to resolve major questions, like the dollar amount and the duration and the policy concessions we seek from the Senate."
Still, the clock is ticking toward what would be a financially devastating — and unprecedented — default. The Joint Economic Committeebacking Jeffries' claims on the impact a default would have on Americans, saying it could cause a $20,000 loss in retirement savings and higher monthly student-loan and mortgage payments.
It's unclear where the debt ceiling debate will go from here, and both sides are refusing to budge, with McCarthy saying on Monday that"The longer President Biden waits to be sensible to find an agreement, the more likely it becomes that this administration will bumble into the first default in our nation's history," McCarthy said.
"Let me be clear, defaulting on our debt is not an option," he added."But neither is a future of higher taxes, higher interest rates, more dependency on China, an economy that doesn't work for working Americans. Let me be clear. A no-strings attached debt limit increase will not pass."Subscribe to push notifications
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