Vance spoke at a press conference Wednesday with fellow Senate Republicans the same day the White House posted a report detailing the potential economic impacts if lawmakers fail to act on the debt ceiling.Last week, Speaker Kevin McCarthy narrowly passed a bill to raise the U.S. debt ceiling, hoping President Joe Biden would compromise.
In a report titled"The Potential Economic Impacts of Various Debt Ceiling Scenarios," the White House warned that failing to raise or suspend the debt limit could lead to a recession, potentially putting the country in worse shape than in 2008. According to The White House report, a lack of action could lead to an increase in borrowing costs and to taxpayers and hurt the nation's overall economic confidence.
Vance has condemned Democrats' idleness over the debt ceiling in previous months, saying all the GOP is asking is a bipartisan effort to get the country back on track financially.
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