Congresswoman Beatty Urges Immediate Action to Avoid Country’s First Default
Rep. Beatty Urges Immediate Action to Avoid Country’s First Default
(Washington, D.C.) – Congresswoman Joyce Beatty (OH-03) today released the following statement urging immediate action by House Republicans to increase the debt ceiling and avoid default.
Building on her efforts to reopen the federal government, Congresswoman Joyce Beatty today called for protecting American families from the cost of a dangerous Republican default by taking long-term action on increasing the debt limit. A debt limit increase simply allows the U.S. Treasury to pay the bills for spending Congress has already approved and does not increase the national debt.
Despite warnings from economists and financial leaders throughout the world about the catastrophe a U.S. default will cause, Republican Members of Congress recklessly continue to voice skepticism about the detrimental effect a default actually will have on the American economy. Recent reports indicate that there will be damaging consequences of default, including increased mortgage and student loans rates, decrease in retirement savings, and delayed Social Security, veterans’ disability and pensions, and Medicare payments.
“Defaulting would threaten the future of America by putting an enormous financial strain on American families, from higher interest rates for mortgages and credit cards to lost retirement savings to delayed Social Security payments, particularly here in Ohio.”
“Economists of all political stripes are warning about the potential consequences of default. With just days left, it is time for House Republicans to stop opposing reasonable solutions to uphold the full faith and credit of the United States.” stated Congresswoman Beatty.
Greg Beswick I Rep. Joyce Beatty (OH-03) I District and Communications Director I 614.220.0003