Millions of seniors on Social Security are at risk of losing benefits this summer if the GOP doesn't raise the debt ceiling, Janet Yellen says
to keep the US on top of paying its bills, and while Republicans raised the debt limit three times under former President Donald Trump, they are using it as leverage this time around to achieve their own priorities.
"The solution is simple: Congress must vote to raise or suspend the debt limit. It should do so without conditions, and it should not wait until the last minute," Yellen"It is unlikely that the federal government would be able to issue payments to millions of Americans, including our military families and seniors who rely on Social Security," she added."In the longer term, a default would raise the cost of borrowing into perpetuity.
While McCarthy has not specified what exactly he is looking to cut in debt limit negotiations — the only thing he's made clear is that Social Security and Medicare are off the table — the White House has been adamant that raising the debt limit should be bipartisan, not a bargaining chip tied to demands for spending cuts.
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