Democrats Warn of ‘Economic Collapse’, ‘Global Financial Crisis’ If Debt Ceiling Is Not Raised

ABOVE VIDEO: Tensions rise on Capitol Hill over debt ceiling

(FOX NEWS) – The prospect of negotiating a debt ceiling increase with Republicans is prompting warnings of economic ruin and chaos from President Biden’s White House and Democratic leaders in the House and Senate.

Democrats for days now have been fixated only on what might happen if there is no agreement to raise the debt ceiling by the summer, and not the far more likely possibility of agreeing to spending cuts at the federal level over the next few months in return for an increase in the government’s borrowing limit.

The Democrats’ dire predictions started with Treasury Secretary Janet Yellen, who told House Republicans last week that a debt ceiling hike would be needed by June.

She urged lawmakers to quickly raise the ceiling in order to allow the government to keep paying its obligations and “protect the full faith and credit of the United States.”

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