Americans could lose $20,000 in retirement savings and private student-loan borrowers could see their payments surge if Republicans don't raise the debt ceiling, a new report says

• The Joint Economic Committee released a report on the consequences of failing to raise the debt ceiling.
• It said Americans could lose $20,000 in retirement savings, and private student-debt loads could surge.
• Republicans have floated a range of spending cuts to raise the debt ceiling that Democrats have rejected.

A new congressional report delves into the catastrophe that would result should Congress fail to raise the debt ceiling.