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Today, House Republicans once again put millions of American workers, seniors, and small business owners in harm’s way by voting “NO” for a second time on the historically bipartisan vote to raise the U.S. debt limit. Despite knowing full well that raising the debt limit allows governments to finance existing legal obligations of the past, House Republicans doubled down on false arguments that raising the limit would increase future spending.
Ignoring firm warnings from the Treasury Department and economists nationwide, Republicans in Congress voted to allow the United States government to default on its legal obligations. As a reminder, according to a Moody Analytics study in September, failing to raise the debt limit would:
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Cost the country up to 6 million jobs
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Wipe out $15 trillion in household wealth
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Send unemployment surging to 9 percent
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Endanger $20 billion in owed Social Security
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Threaten the economic progress President Biden and House Democrats have made in pandemic recovery
Even when given a second opportunity to redeem themselves, House Republicans chose economic catastrophe over protecting Americans and fulfilling their sworn obligation to protect the full-faith and credit of the United States.
“House Republicans are using misinformation to justify casting a reckless vote to flush our economic recovery down the drain,” said DCCC Spokesperson Nebeyatt Betre. “If they were in charge, the United States economy would be in ruins, millions of Americans would be thrown out of work, and working families across the nation could see their hard-earned savings plummet. Today’s vote was another grim reminder that House Republicans can’t be trusted to vote in the best interests of the American people.”
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