HENDERSON, Ky (WEHT) – Three out of six Tri-State senators signed a letter created by Senator Mike Lee (R-UT), stating they are opposed to raising the debt ceiling without spending and budget reforms.
Kentucky senator Mitch McConnell along with Indiana senators Mike Braun and Todd Young signed. Senator Rand Paul (R-KY) is the only Tri-State senator that did not sign. Tri-State Democrat senators Dick Durbin and Tammy Duckworth (D-IL) also did not sign.
The letter states, “The Senate Republican conference is united behind the House Republican conference in support of spending cuts and structural budget reform as a starting point for negotiations on the debt ceiling.”
United States Treasury Secretary Janet Yellen has previously warned Congress if nothing gets done, the United States could default as early as June 1.
According to ABC, if the U.S. defaults, payments to 67 million Social Security beneficiaries could be halted, payments on other obligations, including Medicare and Medicaid, SNAP food benefits, veterans’ benefits, housing assistance and school lunch programs would also be at risk. The U.S. credit rating would also most likely be downgraded, sending interest rates even higher.
Millions of jobs would also be lost, unemployment rates will rise and the economy would contrast, depending on how long the default lasts.