Rep. Corrine Brown: “if we don't pass a debt limit extension and the country defaults on the national debt, the result will be devastating.…”

“if we don't pass a debt limit extension and the country defaults on the national debt, the result will be devastating. The Republicans don't believe Treasury Secretary Rubin when he warned of default. Instead, they have resorted to a dangerous game of chicken with our Nation's economy. If we do default on the national debt, it will have an adverse effect on so many people. Social Security and veteran benefit recipients may not receive checks. Interest rates would rise dramatically, affecting home, car, and student loans. Bond prices would fall dramatically, causing people to sell in fear of this. First, the Republicans held Government employees hostage in their attempt to get the President to cave in to their extreme balanced budget plan. And now, they are fooling around with the possibility of defaulting on the debt. They just never learn that their extreme bullying tactics just aren't going to work. We can't afford to default on the national debt. We need a clean debt limit extension.”