Schumer: Defaulting on Debt Ceiling Would Cause 'Economic Nightmare' for Upstate NY

Senate Majority Leader Charles Schumer says if Congress doesn't raise the debt limit, it would spell an "economic nightmare" for upstate families. The New York Democrat spoke Wednesday during a video conference call with statewide media outlets, including WDOE News. Schumer says if the United States were to default, it would cause several disruptions, including risking Social Security benefits for 1.8 million upstate New Yorkers, including 318,700 in Western New York. He says it would also delay Medicare reimbursements for hospitals...

Charles Schumer: could disrupt hospitals

Schumer says Medicare payments would also be disrupted for over 3.7 million upstate New Yorkers, including 380,000 in Western New York, which would threaten their health...

Charles Schumer: would disrupt Medicare payments

He adds that defaulting on the debt ceiling would also cause increases in mortgage rates, credit card rates, and overall interest rates.