The White House is warning state and local governments that the consequences for them will be dire if Congress doesn't raise the debt ceiling and the U.S. goes into default.
The White House is warning state and local governments that the consequences for them will be dire if Congress doesn't raise the debt ceiling and the U.S. goes into default.
The memo comes as Republicans insist they will not vote to raise the debt ceiling, while the White House is urging Congress take a bipartisan vote to do so. The Treasury Department estimates that borrowing authority will expire in October, after which the U.S. will not be able to pay its bills. "Hitting the debt ceiling could cause a recession," the memo said. "Economic growth would falter, unemployment would rise, and the labor market could lose millions of jobs."
"Let me be crystal clear about this. Republicans are united in opposition to raising the debt ceiling," Senate Majority Leader Mitch McConnell said Tuesday.
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