Here’s what he said.
Chief economist at Moody’s Analytics Mark Zandi stated that there will be significant changes to social security and child tax credit if the debt ceiling is not raised. He added to his statement stating that the failure to raise the debt ceiling could very well be “cataclysmic.”
Zandi said that if the ceiling is not raised about $80 billion in social security payments will be delayed along with paying veterans and active duty military. He further stated that a stalemate on the spending bill could cause “cataclysmic” damage and would have to make the Treasury eliminate a cash deficit of nearly $200 billion.
Treasury Secretary Janet Yellen has stated that “nearly 50 million seniors” could go without social security benefits if nothing is done about the spending bill.