Democrats are warning of financial ruin and economic chaos because Republicans are seeking spending cuts as part of a debt ceiling increase later this year.
Fox News congressional correspondent Aishah Hasnie has the latest on the debt ceiling crisis aversion on 'Special Report.'
The White House has similarly spent the last week warning of apocalyptic economic scenarios that would follow a decision not to raise the debt ceiling by June. White House press secretaryaccused Republicans of"threatening to kill millions of jobs and 401 plans by trying to hold the debt limit hostage."
On the Senate floor Monday, Majority Leader Chuck Schumer, D-N.Y., mirrored those talking points by talking about the possibility of default months down the road instead of how the next few months might be used to hammer out an agreement. The Democrats’ dire warnings have come even though most Republicans have said they have no interest in a default and want to use the need for a debt ceiling increase to pare back what they say has been excessive federal spending over the last few years.
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