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NEW REPORT On Default: Senate Republicans “Would Cost 6 Million Jobs,” Jeopardize Social Security Payments

New study finds that Republicans’ refusal to work to raise debt ceiling would lead to a “cataclysmic… downturn”

A new study from Moody’s Analytics found that Republicans’ refusal to work with Democrats to raise the debt ceiling could lead to a “cataclysmic… downturn,” costing the U.S. economy up to 6 million jobs, wiping out up to $15 trillion in household wealth, sending the unemployment rate surging to roughly 9%, and jeopardizing the payment of $20 billion owed to seniors on Social Security. 

In response, Democratic Senatorial Campaign Committee spokesperson Jazmin Vargas issued the following statement:

“Mitch McConnell and Senate Republicans would rather lose millions of jobs and risk seniors’ Social Security than work with Democrats to protect America’s economy and pay our country’s bills. Senate Republicans repeatedly voted to raise the debt ceiling under President Trump — and if they continue to play these petty, dangerous political games voters will hold GOP Senate candidates accountable for the consequences in 2022.”

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