League Watching Debt Ceiling Fight with Keen Interest Given Threat to Economy

Your League is keenly interested in the ongoing federal debt limit fight and what will occur in the U.S. Senate in the coming days.

The potential impact on the economy is deeply concerning, notes League President/CEO Carrie Hunt. The economy has roared back after the tremendous hits taken during the earliest months of the pandemic. That progress could be lost in the event of a default.

The stakes are high in the standoff between Democrats and Republicans. Defaulting on the debt — or even coming dangerously close to doing so — could undermine the nation’s credit rating and upend the global financial system, posing a major risk to company stock prices and corporate bonds.

More here:

• US default would wipe out nearly 6 million jobs, Moody's says  (CNN Business)
• House passes government funding, debt limit suspension bill (CUNA News Now)
• What happens if Congress doesn't raise the debt ceiling? What you need to know about the showdown between Democrats and Republicans (CBS News)
• Former GOP treasury secretaries tried defusing debt ceiling bomb in private talks with McConnell, Yellen (Washington Post subscription may be required.)
• Why the U.S. Is Having Yet Another Debt Ceiling Debate (Washington Post subscription may be required.)
• GOP warns McConnell won't blink on debt cliff (The Hill)
• McConnell, Shelby offer government funding bill without debt ceiling (The Hill)
• Warnings of economic catastrophe come as Congress prepares to debate debt ceiling
• Everything You Should Know About the Debt Ceiling