WASHINGTON, D.C. – Senator Charles Schumer D-NY said during a conference call on Thursday that failing to come to an agreement and raise the debt ceiling would have ‘catastrophic’ effects on New York state.

According to Schumer, in the Southern Tier families could face more than $1,800 a year in extra costs for mortgage and credit card payments, gas, utilities and groceries if the U.S. was to default.

“It would have a devastating effect on many families,” said Schumer. “Money that could be paying for vacations, college or car payments would be going down the drain.”