State officials prepare for possible default on debt crisis
Providence, RI – State lawmakers are trying to determine the impact of a default if Congress fails to reach an agreement to raise the nations' debt limit by next Tuesday's deadline.
Deputy Chief of Staff for the Chafee Administration Jamia McDonald says the Governor is hopeful that Congress will reach an agreement, but the state is taking steps in case that doesn't happen.
"What we are doing is surveying our agencies to understand what that impact would look like," McDonald said. "The Governor has been in touch with his cabinet, asking them to provide them information on the type and expanse of funding that they receive for their programs and to understand what if any impact losing those funds would have."
Congressman Jim Langevin estimates Rhode Island could lose up to $280 million in a default.
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