![]() You're going to be paying more for a car. "Say you're a teacher who has a retirement fund - that's going to go down. "You are risking the economy of the United States, you are risking the full faith and credit of the United States, you're risking another downgrade," Elshami said. Nadeam Elshami was a top adviser to House Speaker Nancy Pelosi, D-Calif., in 2011 when the credit agency Standard and Poor's downgraded the nation's credit worthiness in a similar standoff.Įlshami, who is now the policy director at the lobbying firm Brownstein Hyatt Farber Schreck, says both parties should have learned the lesson that even the threat of a default can seriously harm the economy.Ī downgrade would impact everything from interest rates on mortgages to the market value of retirement funds. ![]() Politics 9 Questions About The Debt Ceiling, Answered "They have every tool to address the debt limit on their own: the same party-line process they used to ram through inflationary spending in March and already plan to use again this fall." Democrats do not need our help," McConnell said in a statement. Senate GOP Leader Mitch McConnell, R-Ky., has said Republicans would support a spending bill that includes basic government funding paired with disaster funding and money for Afghan refugees - but not if the bill addresses the debt limit. ![]() "It is our hope that Senate Republicans will also do the right thing and stop playing politics around the debt limit." Republicans are showing no signs of budging Hakeem Jeffries, D-N.Y., the chairman of the House Democratic Caucus. "The House will not allow the United States government to default on its obligations for the first time in American history," said Rep. But the fate of the bill is far less certain in the Senate, where GOP leaders have vowed to oppose it over objections to Democrats' broader spending ambitions.ĭemocrats hope to strong-arm approval of the package by arguing upfront that Republicans would be to blame for wide-ranging economic harm if they vote against it. The House voted on the bill Tuesday evening, passing the measure on party lines - 220 Democratic votes in support and 211 Republican votes against.ĭemocrats had sufficient votes to pass the legislation without Republicans in the House.
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