House Republicans prepare emergency plan for breaching debt limit

Economists warn that not raising the debt limit could cause the United States to default, sparking a major panic on Wall Street and leading to millions of job losses. Treasury Department aides declined to comment on the GOP plan, and a spokesman for McCarthy did not return requests for comment. Even if it were enacted, a debt prioritization plan could still jeopardize the trustworthiness of the U.S. government, some experts say. More than a half-dozen House Republicans voted against his legislation in 2015. Republicans said those claims were exaggerated to get them to back off their debt limit threats.