The republicans will need to come up with a solid plan or else they run the risk of being expose for what they really are: clueless.
Americans could lose $20,000 in retirement savings and private student-loan borrowers could see their payments surge if Republicans don’t raise the debt ceiling.
With the US expected to run out of extraordinary measures to pay its bills as soon as July, Democratic lawmakers — and President Joe Biden — have been slamming GOP lawmakers for failing to put forth a plan to raise the debt limit and keep the country from default, which would be unprecedented with severe consequences. The JEC report highlighted how Americans could be impacted should the country default for the first time ever this year.
“This report shows that a Republican default crisis means real dollars coming out of American families’ wallets and savings decimated. This is not a hypothetical exercise to the millions of Americans – including veterans and seniors – who rely on the United States government for benefits, pensions, and disability,” Senate Majority Leader Chuck Schumer said in a statement.
“House Republicans’ approach is dangerous and destabilizing,” he continued. “Even the threat of a breach will raise costs on everything from car loans to mortgages. Republicans are gambling with Americans’ savings, benefits, and lives, all to play a political game.”
Over the past week, the White House has been ramping up its attacks on the conservative House Freedom Caucus over its plan to raise the debt ceiling, but only if Congress passes legislation that block student-debt relief, recoup unspent pandemic funds, and end environmental programs, among other things.
“The Freedom Caucus’s devastating cuts to families’ budgets and American priorities would not reduce the deficit because they would just go toward paying for MAGA House Republicans’ $3 trillion in tax cuts skewed to the wealthy and large corporations,” a White House official said in a statement to Insider.