Buffalo, NY (WBEN) Senator Chuck Schumer is urging movement to get a deal reached on a debt ceiling deadline. He says a default would be economically disastrous for the region.
Schumer says the fringe House Republicans’ plan to stop paying the nation’s bills and default on the debt would spell an “economic nightmare” for Upstate NY families. Schumer said that congressional Republicans across the country should think hard about the local communities and families they represent, and places like Upstate NY, before continuing to send America down a politically extreme and disastrous economic path risking a first-ever default by the United States government. “We cannot let the extreme views of a few who want to play chicken with the debt ceiling and recklessly risk driving the American economy off the cliff put Upstate New York families wallets at risk. This is not an abstract issue, if these irresponsible extremists fail to allow America to pay its bills and default, Upstate New Yorkers could see real dollars from so much of what they own disappear from their monthly Social Security checks, their retirement savings, their home value,” says Schumer. “America pays its debts, period. If our colleagues across the aisle continue to appease the extreme views of their party on risking default, it is going to be Medicare recipients in Buffalo, veterans in Rochester, Social Security recipients in Albany, and Upstate New York families who pay the price.”
Schumer says if the U.S. were to default, this would risk benefits for over 1.8 million Upstate New Yorkers on Social Security, who receive $3 billion in benefits each month, threaten the health of those on Medicare, hinder care for veterans, risk disruptions for those who rely on SNAP and even lead to surging mortgage rates and increasing housing costs. It would also blow a hole in the deficit and cause a sharp rise in the unemployed. Schumer said it is time for Democrats and Republicans to come together, as they have always done before regarding the debt ceiling, to ensure America continues to pay its bills on time.
“Look how clear it is: local economies, everyday wallets and Upstate NY families will take the hit should we default and stop paying our bills,” warns Schumer. “The larger Republican Party wants to work with Democrats to prevent this needless economic crisis, but it will take the public putting pressure to inoculate the fringe of the party and for bipartisanship to prevail in making sure America is able to pay its debts on time.”
“So, my warning today hopes to wake up the larger Republican Party to bipartisan cooperation as we have always done and prevent this economic nightmare for Upstate New York from ever happening,” added Schumer. “From mortgages, to overall interest rates, social security and more, it is clear who will actually pay the price for some gratuitous, partisan default: Upstate NY.”