Moody’s Analytics: “This economic scenario is cataclysmic. … The downturn would be comparable to that suffered during the [2008] financial crisis”
Tuesday night, Nicole Malliotakis and every single Republican in Congress put millions of American workers, seniors, and small businesses owners in harm’s way by recklessly voting “NO” on raising the U.S. debt limit, a move that would send the economy into a downward spiral.
According to a Moody’s Analytics study, Malliotakis’ dangerous and reckless “NO” vote on raising the debt limit could have immediate and urgent consequences. Failing to raise the debt limit would cost the country 6 million jobs, send national unemployment surging to 9 percent, and threaten the economic progress President Biden and House Democrats have made in pandemic recovery.
In New York City, where the unemployment rate still continues to hover around 10%, Malliotakis’ refusal to raise the debt ceiling would have a catastrophic impact on her own constituents.
The report warns that seniors on Social Security could lose as much as $20 billion and more than $15 trillion in household wealth could be wiped out if Republicans’ extremist politics lead America to default on its bills.
DCCC Spokesperson Abel Iraola
“Nicole Malliotakis’ dangerous and reckless “NO” vote bucks her responsibility to ensure America never defaults on its bills, threatening President Biden and House Democrats’ economic progress and putting millions of American workers and seniors in harm’s way. It’s no wonder the party of Donald Trump is choosing extremist politics instead of paying its bills; thankfully House Democrats are in charge and voted to protect American families from economic catastrophe.”
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