WASHINGTON, DC (WIVT/WBGH) – US Senate majority leader Chuck Schumer warns New York residents about how a debt ceiling default would result in an economic nightmare.

Last Thursday, the United States officially hit its debit limit, meaning the country spent all of the $31.4 trillion that was allocated by the treasury.

Schumer says that if America stops paying its bills, upstate New Yorkers will be the one’s to pay the price.

He says the difficulty of the two parties coming to negotiations has stemmed from a few, extreme, MAGA Republicans in the house.

The senator says that if the US does default, benefits for over 1 point 8 million New Yorkers would be at risk.

We are at risk of a default by the United States Government. It has never happened before in our history neither, in the past, Democrats and Republicans always came together and got this done. Because everyone knew the consequences of default would be so severe.”

He goes on to say that mortgages, car loans and credit card rates would all increase, while government aid and property values decline.

Democrats are pushing for more borrowing power, while Republicans want to establish spending cuts before giving up their position.