Nevada treasurer urges action on federal debt limit

The U.S. officially reached its borrowing cap last week
The U.S. hit its debt limit last week
The U.S. hit its debt limit last week(Lauren Rangel)
Published: Jan. 25, 2023 at 12:18 PM PST
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CARSON CITY, Nev. (KOLO) - Nevada State Treasurer Zach Conine signed onto a letter with 12 other State Treasurers urging House Speaker Kevin McCarthy to increase the federal debt limit.

Conine is urging action in order to prevent economic consequences for the state’s economy. The U.S. officially reached its borrowing cap last week.

“Failure for Congress to come together and pass a bipartisan agreement on extending the debt limit, would have disastrous consequences on financial markets and local economies, hurting working class people the hardest,” said Treasurer Conine. “I hope that Congressional leaders can work collaboratively to avoid serious negative consequences for Nevadans.”

Should the U.S. default on its debts, Nevada could see significantly decreased federal revenues for public education, priority infrastructure projects, law enforcement, and emergency fire management, Conine warns.

Conine also says failure to raise the debt limit will cause interest rates across the country to skyrocket.