Congress passed a bill to raise the federal debt ceiling and avert economic disaster. President Biden is expected to sign the bill shortly.
CUNA’s analysis conclusively shows that a default on U.S. debt by failing to raise the debt ceiling would drive us into a recession, while also leading to:
- Significant disruption of the financial markets.
- Substantial increase in the cost of borrowing.
- Rapid growth in job losses and unemployment.
All of this would result in dramatic drops in consumer, investor, and business confidence—creating a situation that would negatively affect credit unions and the people we serve.
continue reading »