Moody’s Analytics: “This economic scenario is cataclysmic. … The downturn would be comparable to that suffered during the [2008] financial crisis”
Just two years ago, Congressman Don Bacon voted to pass a bipartisan package that suspended the U.S. debt ceiling – saying it provided “fiscal stability.”
How times have changed. Last night, Congressman Don Bacon put millions of American workers, seniors, and small businesses owners in harm’s way by voting “NO” on the historically bi-partisan vote to raise the debt limit.
According to a Moody’s Analytics study, Bacon’s 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 unemployment surging to 9 percent, and threaten the economic progress President Biden and House Democrats have made in pandemic recovery. 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 Johanna Warshaw
“Rep. Don Bacon’s dangerous and reckless “NO” vote bucks the historically bi-partisan commitment to ensure America never defaults on its bills, threatening our country’s economic progress and putting millions of American workers and seniors in harm’s way. It’s yet another example of Bacon flip flopping on his promises to Nebraskans and falling in line with Washington Republicans who would rather push extremist politics instead of paying the bills.”
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