Welch outlines cost of national default for Vermonters

National debt debate is still underway as U.S. leaders disagree over the national debt ceiling.
Published: May. 26, 2023 at 7:37 AM EDT
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WASHINGTON (WCAX) - As the debate over raising the debt ceiling continues in Washington, Vermont Senator Peter Welch says a debt default would mean big problems for Vermont.

Welch held a virtual roundtable discussion this week to talk about the issue with local businesses and state and local leaders. He said a default would put thousands of Vermonters out of work, raise the cost of a mortgage, and force seniors to miss social security checks.

“Defaulting on the debt would be catastrophic for families across the country—but so much of the conversation in Washington is abstract. We must remember: default would affect every Vermonter, putting thousands out of work, raising the cost of mortgages, and could force seniors to miss essential Social Security checks,” Welch said.

He cites a think tank estimate that puts nearly 7,000 Vermonters out of work and 95,000 households missing monthly social security checks which totals $2B in missed payments.