Senator Chris Coons is warning both Delawareans and his colleagues in Congress about the implications of a U.S. default if a deal can’t be reached to raise the nation’s debt ceiling.
In a speech Monday on the Senate floor, Coons told his colleagues in the Senate that come Thursday, unless Congress takes action, the U.S. will default on its debts for the first time in its history. He warned that a default would set off a chain of economic events that would be felt not just by every community, business and family, but around the world. He explained what the debt ceiling is, and its history. Coons described how the U.S. reached the current debt ceiling of just under $17 trillion on May 19, but the Treasury Department has been using “extraordinary measures” to keep paying the bills.
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