Richmond, Va. (Newsradiowrva.com) - In a conference call with reporters, Senator Mark Warner (D) says it would be a disaster if Congress did not raise the debt ceiling and fund the government. Congress needs to pass a budget bill by the end of September 30th or there will be a government shutdown.
Warner says failure to raise the debt ceiling and fund the government could lead to higher interest rates, stock market fluctuations, and with a shutdown, a halt to medicare and social security payments. Military paychecks would also be at risk. Republicans are threatening to block a raise in the debt ceiling.
Warner says the debt ceiling does not deal with new debt, but rather, paying off debt already accrued during the Trump Administration.
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