WASHINGTON (WDVM) — On Capitol Review with Tasmin Mahfuz, U.S. Senator Chris Van Hollen (D-Maryland) provides an in-depth look into why raising the debt ceiling is imperative for the country right now and what will happen if the Treasury runs out of cash on October 18th.
“65-million seniors on Social Security and those who are disabled are at risk of losing payments. Folks in our military are at risk of missing their salaries. This is a real disaster for the country,” explained Senator Van Hollen, a member of the Appropriations Committee and Subcommittee on Interior, Environment, and Related Agencies.
“It will also mean higher interest rates for households around the country. Moody’s Analytics, which is a non-partisan entity, has estimated that unemployment will soar. It will surge. 6-million people will lose their jobs and you’ll see $15-trillion in household wealth wiped out.”
In regards to raising the debt ceiling, Sen. Van Hollen says “Republicans are refusing to help pay our national debt”, adding that these are the bills that the GOP agreed to pay for but are still blocking the ability to vote.
Watch part 1 of the conversation in the video above.