Crisis as Bad as 2008: Democrats Spotlight Consequences of a US Default

Democrats from the Joint Economic Committee presented a report about the possible consequences of Republicans not raising the debt ceiling.
The group was led by Senate Majority Leader Chuck Schumer (D-N.Y.) and House Minority Leader Hakeem Jeffries (D-N.Y.), who warned during a March 23 press conference that the Republican Party’s stance on the debt limit could have severe consequences for American families and the wider economy.
The possible fallout cited by lawmakers included but was not limited to the loss of retirement savings, seniors’ interruption of SS benefits, a global financial crisis possibly as bad as 2008, doubling unemployment, a steep decline in GDP, crashing markets, and worldwide recession….}