On Oct. 10, 2013, NAR President Gary Thomas testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on the "Impact of a Default on Financial Stability and Economic Growth." Mr. Thomas called on Congress to raise the debt limit in a timely manner to avoid the consequences of a severe and drawn-out recession that would rapidly erase recent gains in the still young housing recovery. During his testimony, Mr. Thomas pointed to the significant financial market disruptions resulting from the debt ceiling impasse in 2011, which reduced consumer and business confidence and led to slower job growth.

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