April 10, 2023
Individuals Might Lose $20,000 in Retirement Financial savings if GOP Refuses to Increase the Debt Ceiling
The Joint Financial Committee (JEC), a congressional group that evaluations financial coverage, lately launched a report analyzing the implications of failing to lift the debt ceiling. Based mostly on a examine of the 2011 debt restrict negotiations, the evaluation finds that Individuals might lose $20,000 in retirement financial savings. Non-public student-debt hundreds might additionally surge.
The nation might run out of extraordinary measures to pay its payments as quickly as July — which means there’s a threat of unprecedented, extreme monetary penalties.
The debt ceiling was raised 3 times throughout President Trump’s time period with bipartisan help. This yr, nevertheless, Congressional Republicans say President Biden should fulfill their fiscal calls for earlier than they’ll vote to lift the debt restrict once more. So far, Speaker Kevin McCarthy has not specified what his caucus’ calls for are and whether or not 218 Home Republicans would vote for no matter these calls for become.
“The JEC examine reveals simply one other method that Individuals, particularly retirees, might undergo if Republicans proceed to play partisan video games with the economic system,” stated Richard Fiesta, Govt Director of the Alliance. “That is irresponsible, and older Individuals should proceed to demand motion to forestall an financial disaster.”