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The Daily BeastSep 24, 2021
Republicans Don't Want a Debt Default—Just Democratic Chaos
Photo Illustration by The Daily Beast/GettyAs the U.S. reaches its limit for borrowing money, both Democrats and Republicans say they have no interest in seeing the federal government default on its debt. It's just that Republicans believe they have no responsibility to vote in favor of legislation to avoid a default—and believe they should do everything in their power to block it.

According to a new report from Moody's Analytics, if the U.S. defaults on its debt, the results could be catastrophic: six million jobs lost, a doubling of the unemployment rate, and millions of eviscerated retirement accounts.

That could happen within a month if Congress doesn't act. Republicans are just as aware of that risk as Democrats. So their near-uniform opposition to extending the so-called debt ceiling is putting the GOP in a politically bizarre position: praying that the U.S. won't go over the cliff, but insisting it's not their problem to stop it.

Read more at The Daily Beast.


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