Congressman Cleaver Warns Against 'Catastrophic Consequences' Of US Default

Local perspective on a political game of chicken that MIGHT impact the global economy . . . Here's the money line:

"I don't want to frighten you, but I think it's important to understand the catastrophic consequences of a default for American families. If Republicans were able to force the first default in American history, it would erase millions of jobs, devastate retirement accounts, increase borrowing costs for businesses and families, and trigger a recession. Put simply: it would be an economic calamity."

Read more via www.TonysKansasCity.com link . . .

Cleaver offers update on debt ceiling situation

(From Fifth District Congressman Emanuel Cleaver) Another week has come and gone, but Speaker McCarthy and my Republican colleagues in the House of Representatives continue their threats to force a default on our national debt rather than raise the debt ceiling--which Congress has done 78 times since 1960, including three times under the previous president.

Further reading . . .

How damage from a US debt default could cascade across the global economy

WASHINGTON -- If the debt crisis roiling Washington were eventually to send the United States crashing into recession, America's economy would hardly sink alone. The repercussions of a first-ever default on the federal debt would quickly reverberate around the world. Orders for Chinese factories that sell electronics to the United States could dry up.

Yellen warns Congress again that default could be just days away | CNN Politics

Treasury Secretary Janet Yellen reinforced her warning to Congress that it has only a little time left to address the debt ceiling before the nation defaults on its obligations.

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