There is a “quite a large part of the Republican Party” that Murphy said he believes actually wants to see America’s default — an event that would put tens of billions of dollars in Social Security benefits, federal wages, payments to Medicaid providers and veterans’ benefits at risk. It would also rock global markets.
The deal announced on Saturday is not yet a sure thing. Any bill must be passed by both houses of Congress before returning to Biden’s desk, and to prevent a default, everything must happen quickly — before June 5, when the government is expected to no longer be able to pay the debt.
On Sunday, Murphy expressed concern about how quickly members of Congress will be able to send the final deal back to the president.
“It̵[ads1]7;s going to take at least three to four days for this to get to the House of Representatives, and then it could take as long as a week if the Republicans use all the procedural tactics at their disposal. That, of course, would result in a default on US debt. … something we would never recover from,” Murphy said.