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GOP blocks bill to suspend debt limit and avert shutdown

September 28, 2021 00:00 AM UTC
- Updated September 28, 2021 16:19 PM UTC

"The consequences of a default would be, in the words of Secretary Yellen, catastrophic,” says Senate Majority Leader Chuck Schumer.

Transcript
the consequences of a default would be in the words of secretary Yellen, catastrophic. The best case scenario is the best case under this awful situation is that our country would fall into another recession potentially. Erasing all the progress we have made to pull ourselves out of the covid crisis. That is if we're lucky otherwise. One analysis warned that default could hurt americans for generations for generations. Yeah. The only reason we're here, the only reason this is even a possibility is because republicans are making this a possibility by preventing the government from paying its bills. It's unhinged. It's an unhinged position to take one that not long ago, only the most radical elements of the republican party would have embraced. There's no scenario in God's green earth where it should be worth risking millions of jobs, trillions in household wealth, People's Social Security checks, veterans benefits and another recession just to score short term meaningless political points as we speak, democrats are behind closed doors assembling a multi trillion dollar, reckless, toxic and spending spree. There's no chance republicans will help lift democrats credit limit so they can immediately steamroll through a socialist bench that will hurt families and help john there's no particular tradition that the minority will always vote for debt limit hikes during United Government When Republicans had unified control in the early 2000s during senators biden and schumer voted no on the debt limit increase and made the party in power handle it on their own. Exactly the situation we're on now. The roles were reversed