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Schumer: Debt Crisis Could Hurt New Yorkers

by Associated Press
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Sen. Charles Schumer
Talk Radio News Service/flickr

Senator Charles Schumer says if debt ceiling isn't raised, it could hurt Social Security and Veterans benefits.

Without action in Washington to raise the nation's debt ceiling by Aug. 2, New Yorkers could face an average of $1,000 more a year in higher rates on everything from credit cards to adjustable rate mortgages to car loans.

Schumer says disability and tuition payments could also be caught in the crisis.

There was no immediate comment from Gov. Andrew Cuomo on the impact the national crisis could have on state services and benefits.

The Obama administration and Republican leaders in the House of Representatives disagree on how to raise the debt ceiling, mainly sparring over tax increases the president wants and spending cuts Republicans demand.

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