Senator Peter Welch held a discussion with Vermonters Wednesday about how they would be impacted if the U.S. defaults on its debt.
The Democrat gathered business, state and local leaders for a virtual meeting to receive input on what damage a potential federal default could cause.
Participants warned that vulnerable communities and businesses still struggling to recover from the economic impact of the COVID-19 pandemic are of great concern. The panel also said Vermont’s smaller banks and credit unions could face economic instability should a default occur.
Welch’s office says the think tank Third Way estimates 6,600 Vermonters could lose their jobs and 95,000 households would miss monthly Social Security payments in the wake of a default.
Washington is facing a June 1st deadline.
