Senator Mark Warner says it’s time to raise the debt ceiling to prevent a debt default
CHARLOTTESVILLE, Va. (WVIR) - Virginia Senator Mark Warner says it’s time to raise the debt ceiling in order to protect families.
He says we are seeing fragile economic conditions, especially with recent bank collapses, and that we cannot afford a default on the national debt.
Warner says that would lead to higher interest rates, and the average Virginia homeowner would have higher mortgage payments.
“It would also potentially affect 1.6 million Virginians who get Social Security, another 1.6 million Virginians that get Medicare. Those obligations could fall away as well, again, if we are not responsible for the debt ceiling,” Warner said.
Warner says this information comes from a recent joint economic committee report, which claims that raising the debt ceiling is essential and should be done in a timely manner to avoid economic chaos.
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