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DSCC - Democratic Senatorial Campaign Committee

09/27/2021 | Press release | Distributed by Public on 09/27/2021 16:54

Republicans Unanimously Vote Against Raising Debt Ceiling, Jeopardizing Social Security & Millions of American Jobs

September 27, 2021 Press Releases

In response to Senate Republicans' unanimous vote against raising the debt ceiling, Democratic Senatorial Campaign Committee spokesperson Jazmin Vargas issued the following statement:

"Mitch McConnell and Senate Republicans are playing dangerous political games with Americans' lives and putting our economy in jeopardy. Despite voting to raise the debt ceiling under President Trump, Senate Republicans would rather risk millions of jobs and seniors' Social Security payments than work with Democrats to protect America's economy. If they continue down this path GOP Senate candidates will own the horrific consequences of defaulting on America's full faith and credit - and voters will hold them accountable in 2022."

​​JUST THE FACTS: REPUBLICANS' REFUSAL TO RAISE THE DEBT CEILING COULD COST MILLIONS OF JOBS, CUT SOCIAL SECURITY, PLUNGE U.S. INTO RECESSION.

Washington Post Editorial: The Nation Faces "Financial Disaster" If The Debt Limit Is Not Raised, And "There Will Be No Doubt" That The Republican Senate Caucus Will Be At Fault If That Happens. "The nation faces an epochal financial disaster if Congress fails to raise the debt limit, forcing the country to default on its obligations and inviting a global financial panic. If that happens, there will be no doubt about who is at fault: Senate Minority Leader Mitch McConnell (R-Ky.) and his Republican caucus, who are playing games with the full faith and credit of the United States." [Washington Post, Editorial, 9/25/21]

Republicans Refusing To Raise The Debt Ceiling Could Cost The U.S. Economy Up To Six Million Jobs Over Time, According To Moody's Analytics. "The United States could plunge into an immediate recession if Congress fails to raise the debt ceiling and the country defaults on its payment obligations this fall, according to one analysis released Tuesday. Mark Zandi, chief economist at Moody's Analytics, found that a prolonged impasse over the debt ceiling would cost the U.S. economy up to 6 million jobs, wipe out as much as $15 trillion in household wealth, and send the unemployment rate surging to roughly 9 percent from around 5 percent." [Washington Post, 9/21/21]

Republicans Refusing To Raise The Debt Ceiling Could Jeopardize $20 Billion Dollars In Social Security Owed To Seniors. "If Congress fails to increase the debt limit, Treasury would be unable to pay debts as they come due. Treasury Secretary Janet L. Yellen said earlier this week that such a default would be unprecedented in U.S. history. Moody's 'best estimate' is that this date is Oct. 20, although Treasury has not given a more precise day. At that point, Treasury officials would face excruciating choices, such as whether to fail to pay $20 billion owed to seniors on Social Security, or to fail to pay bondholders of U.S. debt - a decision that could undermine faith in U.S. credit and permanently drive federal borrowing costs higher." [Washington Post, 9/21/21]

Republicans Refusing To Raise The Debt Ceiling Could Plunge U.S. Into An Immediate Recession According To Moody's Analytics. "The United States could plunge into an immediate recession if Congress fails to raise the debt ceiling and the country defaults on its payment obligations this fall, according to one analysis released Tuesday. Mark Zandi, chief economist at Moody's Analytics, found that a prolonged impasse over the debt ceiling would cost the U.S. economy up to 6 million jobs, wipe out as much as $15 trillion in household wealth, and send the unemployment rate surging to roughly 9 percent from around 5 percent." [Washington Post, 9/21/21]

Republicans Refusing To Raise The Debt Ceiling Could Wipe Out As Much As $15 Trillion Over Time In Household Wealth Overtime, According To Moody's Analytics. "The United States could plunge into an immediate recession if Congress fails to raise the debt ceiling and the country defaults on its payment obligations this fall, according to one analysis released Tuesday. Mark Zandi, chief economist at Moody's Analytics, found that a prolonged impasse over the debt ceiling would cost the U.S. economy up to 6 million jobs, wipe out as much as $15 trillion in household wealth, and send the unemployment rate surging to roughly 9 percent from around 5 percent." [Washington Post, 9/21/21]

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